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Today's Economic Data Highlights: Geithner To Welcome More To The Recovery, And The Budget Balance
Secretary Geithner and the budget balance…
8:30: Treasury Secretary Timothy Geithner speaks….at a policy conference hosted by the Congressional Hispanic Caucus Institute, in Washington, DC.
14:00: The US budget balance for Aug…another modest year-to-year improvement. The CBO estimates that the US Treasury ran a $95bn deficit in August, which would bring the 11-month total for FY 2010 to $1.265trn. The CBO’s estimate is rarely more than a few billion dollars off, which is why it is now also the median forecast.
Median forecast (of 25) -$95.0bn, ranging from -$120bn to -$85bn; last (Aug 2009): -$103.6bn.
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So markets will end about 3% up to prep for a 4% fall tomorrow...awesome.
anyone care to explain WHY such a jump like today is warranted ?
Simple explation. No economic data = boosted stocks. Been this way for awhile now. Just sit on the sidelines today and prep to get in on cheap puts and set up shorts.
Because Skynet decided that today green is the new red.
Last night the announced that European banks will need hundreds of billions more capital.
I thought we'd have a total meltup today... and banks are rallying...
Go figure..
Almost 100bp move up in Brazilian government 3m yield!
Maybe government bonds have sprung a leak. Not calling a top though.
I'm sure everything is going to be just hunky dory for the gub'mint, seeing as how we've got trillions in debt to finance and bond yields are spiking. Yep, at least stocks will continue to be overpriced, caust that's all that matters.
@delandtj
Upside breakout of a massive triangle on the daily charts in the indices late last week. The lack of volume (on Thursday and especially Friday), was a little suspect, but it just might be traders waiting to see if the high base holds before jumping in. Just my two.5 cents.
Updated DOW weekly chart:
http://stockmarket618.wordpress.com
Thank u, i found this for a long time.
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