Written by Moby Waller, Editor, BigTrends.com
I reviewed quite a few different economic and valuation charts today, looking for correlations with market performance and big picture trends. The following chart of a well-known economic report was striking to me.
You can see that the Weekly Initial Jobless Claims (seasonally adjusted) showed a clear strong uptrend through the late-February/early-March area. At this point they have trended fairly consistently lower. This correlates very strongly with the market bottoming on March 9th and its strong upward trend in that time.
When does this report come out?
Normally it is every Thursday at 8:30 am Eastern Time. It is released by the U.S. Department of Labor as a press release under the Employment and Training Administration.
Keep an eye peeled for the unveiling trends in this weekly report. Currently, it looks like the rate of decline may be slowing as we approach the 500k area, which may mean the market uptrend will pause/reverse.
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About the Author
Moby Waller is a am a former CBOE Market Maker in Chicago and European Index Options trader in London, England. Currently, he runs two portfolios for BigTrends, Index Options Timer and Advanced Options Strategies. You can find out more about Moby and BigTrends at http://www.bigtrends.com/.
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