|
| Today's Comments (Short Term Outlook) |
|
Jobs report Stocks continue to bounce around during this light volume, holiday shortened week, that happens to also include a bevy of economic data / reports. This morning we get the jobs report, probably one of the most anticipated reports of the month. Once again the light volume could produce a wild day in one direction or the other, or both. As you can see below, the wild swings have not really done much to change things. After a rebound off of the 50-day EMA last week, the S&P 500 has traded in a range of about 910 to 930, with a slightly positive uptrend during the strong seasonal period of late June / early July.  Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk The TSP Talk Sentiment Survey came in at 40% bulls, 43% bears, for a 0.93 to 1 bulls to bears ratio. Although nearing the 1.0 to 1 sell signal ratio, the 0.93 to 1 still just a neutral reading, but the system remains in the G fund waiting for a buy signal below 0.50 to 1. Estimates for the June jobs report are for a loss of 365K jobs. We will also be looking for any revisions to the May report which initially came in at -345K. The unemployment rate is expected to come in at 9.6%; a couple of notches above the 9.4% we saw in May.
That's all for today. Thanks for
reading. Have a great holiday weekend! |