U.S. Stocks Tried To Make It Back From Negative Territory, But Ended Mixed
Mostly expected GDP and jobless initial claims data saw U.S. futures indicate lower open for stocks Thursday.
GDP grew at 3 percent in Q-4 as the market expected while unemployment initial claims dropped 5,000 but ticked up because of revision. Data pretty much expected saw little change in the opening of the U.S. stock market.
U.S. stocks opened Thursday’s session well into negative territory, bounced around the bottom for most of the session, turned up in early afternoon, trying to end near neutral ground, the unchanged line.
Yesterdays model data showed two scenarios that could prevent or stay the pullback. Even though a pullback/ correction will occur, today or tomorrow may not be the day.
One scenario indicated that if a couple of sessions of neutral, like Thursdays market, followed by a positive session, it could hold off the pullback.
The short-term forecast (BLI) continues to indicate positive, while the long-term forecast continues at caution.
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