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May 30, 2013  Thu 1:47 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Today's event calendar features a mix of economic news and corporate results.

Europe announces business confidence early in the session, which could have some impact on sentiment. The main reports on this side of the Atlantic follow at 8:30 a.m. ET with weekly jobless claims and a revised first-quarter gross domestic product estimate.

Economists expect that 345,000 Americans sought unemployment benefits for the first time last week, up from 340,000 in the previous period. Lower readings would be potentially positive because it would mean fewer jobs were lost.

The economic-growth is expected to remain at 2.5 percent as previously reported.

Retailers Costco and Big Lots, along with mining-equipment company Joy Global, report earnings before the opening bell.

Japan will announce industrial-production numbers in the evening, which could affect trading Friday morning.
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Timing the Trade

Both break outs and a break downs need to have a couple things happen before it is considered a confirmed break out or break down by technical definition!  The only problem is that in today's market where things move much more quicker than they did just a few years ago, two days could wind up being the majority of the expected movement, if not the whole movement.

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