Charts from BullandBearWise.com, data for the period ending June 2/4.

I overlaid the Initial Jobless Claims and S&P 500.

Jobless Claims still haven’t broken the uptrend convincingly. It’s obvious that the S&P 500 moves inversely.

Seems to me that the stock market reflects the “here and now”, and doesn’t look 6-9 months in advance. I’m not saying that this is what moves the market, just that it reflects more real-time events than commonly thought.