U.S. INITIAL JOBLESS CLAIMS

Fool me once, shame on you. Fool me twice, shame on me… Jobless claims increased by 46,000 to 388,000 in the week ended Oct. 13 from a revised 342,000 the prior period that was the lowest since February 2008. This was recorded as a sharp reversal on our charts and with 388K, initial jobless claims is now above the 52-week average, an important threshold for the 3 year-long downtrend. In the following weeks 52 week moving average will become support at 376K.