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Dip Buyers Still in the Driver's Seat: Dave's Daily

European stocks rose early on thoughts from bulls that the sovereign debt crisis will be contained. Well, maybe for a week or two. China manufacturing data improved to a reading of 51 from 50.5. In the U.S. Jobless Claims (513K vs a revised 353K previous); Personal Income & Outlays (.3% vs .5% expected and Spending .2% versus .4% expected). The so-called Core PCE Price Index (.2% vs .1% previous); the important ISM Mfg Survey missed but still expanding (52 versus 54 expected and 54.1 previous) and, Construction Spending also missed (-.1% vs 1% expected and previous 1.4%).

On the inflation front came a contradictory analysis from the American Institute for Economic Research which showed by their measure inflation really at 8%. This seems more logical and reasonable based on their methodology.

Stocks once again were higher early until it was reported a Saudi energy pipeline suffered an explosion. It's unconfirmed even if it happened or if it was an accident or a terrorist attack. But that only gave bulls pause as dip buying resumed and markets closed higher. Once again financials (XLF) and tech (XLK) were leading.

Oil (USL, USO) jumped on the Saudi news (now Saudis have stated such an event is untrue but this channel, whatever it is, says it's true, true, true...), gold (GLD, IAU) and silver (SLV) recovered some of Wednesday's option led "bear raid" and the dollar (UUP) was flat. The big loser on the day was continued selling in bonds (IEF, TLT) as the ten-year dropped to yield over 2% once again.

Volume returned to its normal light ways on melt-up days. Breadth per the WSJ was positive.

 

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