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Stock Market - Pre Open Report - May 8th 2008

INITIAL JOBLESS CLAIMS: 365K V 370KE; CONTINUING CLAIMS: 3.020M V 3.019ME
- Prior Initial Jobless Claims revised from 380K to  383K
- Prior Continuing Claims revised from 3.019M to 3.030M

Continuing claims is still rising. A Clear indicator of worsening employment in the United States.

Same Store Sales (SSS) figures hitting the wires this morning have been leaning towards the discount stores as having the largest revenue. Higher end stores are seeing the largest declines as a whole. Pattern is very visible that consumers are moving away from the traditional shopping mall stores like Macy’s, JC Pennys, Nordstroms, etc.. and heading to Wal-Mart. Even low priced Target stores are still losing customers. Pressure on the consumer is evident no matter one looks.

S&P futures have floated up in the overnight hours to resistance and have recently started to pull back. Watching for a hard break below the overnight pattern on the futures.

 

 

 

 

 

 

 

 

 

(S&P Futures - 5 minute Chart)