After some relatively tame action over the past two days, stocks found significant buying interest again thanks in large measure to a better-than-expected ADP Employment Report that showed private payrolls in June were up 157,000, which was well above the 60,000 increase economists were looking for. That suggests tomorrow's nonfarm payrolls report should be positive. Of course that anticipated outcome may already be priced into this market.
Flat top - The Dow gained 56-points yesterday but the broader market was a little more flat than that. It is still digesting last week's big rally and taking a break here seems quite reasonable... Current Daily Market Commentary Market Commentary for 7/07/11
Different day, same results.
Stocks traded around the neutral line again today. At the close the S&P 500 eked out a 0.1% gain, while the DOW and Nasdaq fared a bit better with 0.45% and 0.29% gains respectively.
There was only one economic data point of interest and that was the June ISM Non-Manufacturing Survey, which came in at 53.3; under the 54.0 economists were looking for.
Perhaps traders are awaiting
A day of rest - Stocks took a much deserved break yesterday after having the best week in a couple of years. The losses were modest and the Nasdaq and small caps were actually up again. The Dow lost 13-points... Current Daily Market Commentary Market Commentary for 7/06/11
Going over the data after Friday's close I chose not to write a blog over the weekend because there wasn't anything to say I haven't already said. In my Account Talk I stated "If I believe I can escape with a gain or flat, then I'm likely to make an exit tomorrow and let everyone else chase the rest of this rally."While my exit yielded a 2.70% gain for the month (awesome), I did lose out on an additional gain of 2.63% (not so awesome.) Sometimes it's a good idea to chase rallies and other times