Archived IMT (2008.11.13)

Jobless claims surged by 32K last week to a fresh 7-year high of 516K, lifting the less volatile 4-week average to a 17-year high of 491K. US trade deficit fell by a greater than expected 4.4% to $56.5 billion in September, largely due to a decline in oil imports. US equities edge into positive territory after having fallen in 5 out of the last sessions, with the only up-day occurring on Friday despite the release of the highest unemployment in 14-years. But there is a strong possibility that today's rally may taper off later in the session ahead of tomorrows release of retail sales report. More analysis on the retail sales report will be sent to subscribers.