Today feels bouncy here at the open. It’s all about Japan and the slightly more positive tone from there.
There were two important datapoints here this morning – CPI and Jobless Claims.
The highlights via Reuters:
The Labor Department said its Consumer Price Index rose 0.5 percent, the largest gain since June 2009, after increasing 0.4 percent in January.
Core CPI, excluding food and energy — increased 0.2 percent after advancing by the same margin in January.
Initial claims for state unemployment benefits fell 16,000 to a seasonally adjusted 385,000, the Labor Department said.
Economists polled by Reuters had forecast claims falling to 387,000. The prior week’s figure was revised up to 401,000 from the previously reported 397,000.
1225 still appears to be the obvious S&P support, so even a failed snapback rally today wouldn’t necessarily be lights out – though yesterday revealed a lot of weakness beneath the surface and even the dip buyers appeared hesitant.
Have a good one and remember: Stay off the buy and sell buttons if you’re having a few pints this afternoon.