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Jobs, Factory Orders Improve (DIA, SPY, IAU, GLD, USO)

By Ilene
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Courtesy of John Nyaradi.

Economic Report CardWeekly jobless claims decline and factory orders improve

Economic reports today pointed towards a slowly improving economy as the weekly jobless claims dipped below the all important 400,000 level.

October ISM report came in virtually flat at 52.9 compared to last months 53.0 while factory orders rose +0.3 compared to last month’s +0.1.

Gold (NYSEArca:GLD) (NYSE:IAU) rose +2.1% while oil (NYSE:USO) advanced 2% on hopes for better days ahead

The Dow Jones Industrials (NYSEA:DIA) and (NYSEA:SPY) rose on news that the referendum in Greece now won’t happen as their soap opera continues.

Bottom line: Fundamentals point to improving conditions and technical indicators support higher prices but Greece is the wild card that needs to be resolved before a sustained uptrend can take hold.

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