Floating bias

Floating bias

Stocks jumped higher right out of the gate, as Initial Jobless Claims came in surprisingly low at 346,000.  That’s 42,000 less than last week and 19,000 less than estimates.  One week does not mark a turnaround, but stocks were looking for a catalyst to push to new and uncharted territory.  The Dow is up 60 points and the S&P 500 is at 1595.  Tomorrow brings PPI, Retail Sales, and Consumer Sentiment, which could all move the markets.  mortgage bonds are higher as well, but continue to trade below the 200 DMA.  Still, prices are at support so we will maintain a cautious floating bias.