Oct 29, 2009 – Morning Update
Posted by pugsma on October 29, 2009
The Q3 GDP came in at +3.5%, better than the expected +3.0%. Economist had forcast at range of +2.0 to +4.0%. There was very strong growth in all economic sectors. Recall that Q2 was a -0.7% and Q1 was at -5.2% GDP number. So that is a big jump in just two quarters. The US economy has moved out of recession and is growing again. The Q4 GDP expectation is around +4.0 to +6.0%. And if we get that number then 2009 GDP will be positive as a whole!
As you might expect the markets are cheering the good GDP news, and are up over 1% this morning. As, I forecast last night if the 1042 area holds look for 1060 near term. And if we break through 1060 then look for resistance at 1074. A drop back down to 1030 still must be watched if 1060 resistance holds.
Here is an updated 5-min chart.
Sorry, the comment form is closed at this time.