All signs are pointing to a big drop in the Stock Market today. Experts had expected a drop in the weekly unemployment filing figures by around 4,000. Instead, a large rise of 25,000 new claims sent futures down sharply as hopes for a recovery in progress dimmed.
Combined with a weakening Euro, which is sending fears of a double dip recession overseas, this could be a bad day on Wall Street.
Those placing hope ahead of reason have pointed to a rising DOW as a sign that a recovery is in progress. However, when the DOW declines, the same people tend to discount the DOW as an indicator of recovery. Look for statements discounting today’s drop.
Dow futures are presently down almost 150 more points on top of yesterday’s close, which was down 67 points.
The DOW average currently stands at 10,257, so 9K is moving very close.
About Tom White
Tom is a US Navy Veteran, owns an Insurance Agency and is currently an IT Manager for a Virginia Distributor. He has been published in American Thinker, currently writes for the Richmond Examiner as well as Virginia Right! Blog.Tom lives in Hanover County, Va and is involved in politics at every level and is a Recovering Republican who has finally had enough of the War on Conservatives in progress with the Leadership of the GOP on a National Level.
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