Friday, June 5, 2009

Week of June 9th - Economic Events

Well it's Friday again, and that means it's time for an overview and look ahead at next week. This week has been phenominal if you are long the market in any sector pretty much. Much of the data we received this week has indicated that the recession is clearly on it's way out, and the predictions of 3rd Quarter growth seem like they will be dead on. Today we found out the total number of new jobless claims has fallen considerable. Although the unemployment rate has risen to 9.4%, it seems as though we may not get to the 10% mark that I thought we may. Companies like Walmart are starting to hire again as they expand, and most companies who are going to lay off workers already have. I could honestly see the unemployment rate turning lower sometime in September if things keep up. Below is a list of the data we will get next week:

- Jun 9 10:00 AM Wholesale Inventories Apr
- Jun 10 8:30 AM Trade Balance Apr
- Jun 10 10:30 AM Crude Inventories
- Jun 10 10:35 AM Crude Inventories
- Jun 10 2:00 PM Treasury Budget May
- Jun 10 2:00 PM Fed's Beige Book
- Jun 11 8:30 AM Retail Sales May
- Jun 11 8:30 AM Retail Sales ex-auto May
- Jun 11 8:30 AM Initial Claims
- Jun 11 10:00 AM Business Inventories Apr
- Jun 12 8:30 AM Export Prices ex-ag. May
- Jun 12 8:30 AM Import Prices ex-oil May
- Jun 12 9:55 AM Mich Sentiment-Prel Jun

I am going to pay close attention to the crude inventories, especially since the price of oil is on a major rebound. Also the Fed's beige book and Business inventories should clarify the economic conditions even more. As for Companies reporting earnings, there are not too many big names reporting next week. That will change in the coming month. Could we see the Dow break the 9000 mark sometime this month? I certainly think so!

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