Stocks have opened lower today based on weak data. At the time of posting today the DOW is at 12,327. Oil is at $86.49 per barrel while gold futures were at $1,558.90 per ounce.

Tomorrow’s official Jobs Report is estimated to show 155,000 jobs created. However, given recent poor economic data, this is unlikely to happen. Weekly initial jobless claims rose by 10,000 to 383,000 in the latest week, showing a continued weakness in the jobs market.

The second reading on the 1st quarter Gross Domestic Product declined from 2.2% to 1.9%. Both the DOW and S&P 500 are down almost 6% in May, the worst since November 2011.

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