President Obama is expected to announce that he will hold a “jobs summit” next month.Not sure what the summit will entail, but it will likely consist of CEOs pledging to do what they were going to do any way…or not. In other words, a dog and pony show, which is a time-honored part of the Washington landscape.
US equity futures are well off earlier lows, supported by strong earnings from retail giant Walmart. That, plus a continued dip in jobless claims, are helping lift risk appetites slightly this morning after an earlier set back. EUR/USD trades at 1.4931.
I still view 1.4915/20 as pivotal. A sustained loss of that area will lead to greater long-liquidation as nagging fears of a top at 1.5050/60 will take hold.
