by jim18xe » Thu Jan 22, 2009 10:07 pm
today R1 852, R2 865, S1 837, S2 808,
bearish today, expect it to test S2 given that:
1. U.S. Initial Jobless Claims Match Highest Since ’82 (Update1)
Jan. 22 (Bloomberg) -- The number of Americans filing first- time claims for unemployment benefits matched the highest level in 26 years as firings forced more workers to seek government assistance in a deepening recession.
Initial jobless claims increased by 62,000 to 589,000, more than forecast, in the week ended Jan. 17, from a revised 527,000 the prior week, a Labor Department report showed today in Washington.
2. Housing starts and permits hit record lows in December
WASHINGTON (Reuters) - New housing starts and permits tumbled to a record low in December, data showed on Thursday, accelerating a downward spiral that has left the economy mired in a recession.
Housing starts fell 15.5 percent to a seasonally adjusted annual rate of 550,000 units, the lowest on record, from an upwardly revised rate of 651,000 units in November, the Commerce Department said. That was the biggest percentage drop since January 2007, when housing starts fell 16.2 percent.