New Weekly Claims At 457K On Expectations Of 460K, EUCs Plunge By 1.5 Million In Past Month

Those looking to find a catalyst for today's market action will probably not find it here. Which likely means ramp time as there will be no volume in the market once again. And good thing Obama extended that job stimulus for the nth time, as EUC claims plunged another 230k in the week ending July 10, a 1.5 million drop in just over a month: on July 10, total EUCs were 3.253 Million, a drop of over 1.3 million since the 4.7 million on June 5. These are all people who no longer used to receive their monthly $1,000 bonus check for not working, taking out tens of billions of dollars in circulation out of the economy.