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Pending Home Sales Trump Poor Jobless Claims: Dave's Daily

Jobless Claims (388K vs 375K expected & prior revised higher 389K) allowed for a beat with (ahem) revisions. Pending Home Sales (4.1% vs 1% expected & prior at -.5%) is what bulls seized on shrugging off poor employment data. Bulls see claims data as just more of the same. But people are also losing their benefits with 700K expected to be out of luck by next month.  

Earnings continue to come in beating expectations which is typical frankly. With housing data stronger the charge higher was led by Homebuilders (ITB) and REITs (IYR) was still trending higher with hotels doing better. Tech (XLK) continued to build on Wednesday's gains. Consumer discretionary (XLY), retail (XRT), financials (XLF) and energy (XLE) also trended higher.

Ongoing weakness in Europe (Eurozone confidence 92.8 vs 94.2) pointed to contraction. This was met by selling in Dow Chemical (DOW) which in turn held back materials (XLB). Parcel deliveries were also negatively affected as UPS cited a slowdown in Europe as affecting revenues. But, frankly as soon as markets in Europe closed U.S. stocks began their rally higher.

Bonds (IEF & TLT) were better in price while the dollar (UUP) was weaker. Commodity prices (DBC), gold (GLD), oil (USO) and copper (JJC) were also stronger.

Volume was unimpressive once again as we enter end of month window dressing while breadth per the WSJ was positive once again.

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