Good morning. Happy Friday. Happy Employment Numbers Day.
The Asian/Pacific markets closed mostly down. China moved up 1%; South Korea dropped almost 1%. Europe is currently mostly down, but there are no 1% movers. About 30 minutes before the latest jobs data was released, futures here in the States were down a couple points.
The dollar is flat. Oil is down 2%, copper down almost 1%. Gold and silver are down.
Here are the numbers…
unemployment rate: 8.2% (same as last month)
nonfarm payrolls: up 80K
private payrolls: up 84K
average workweek: 34.5 hours (up 0.1 hours)
hourly earnings: $23.50 (up 6 cents)
April revised down from 77K to 68K.
May revised up from 69K to 77K
Futures immediately sold off and are currently down moderately, but it’s not a total bloodbath, yet.
Europe is righting itself…or at least delaying the inevitable. The housing market in the US has greatly improved. The third major obstable for the market to conquer is the employment situation, and so far it’s just not happening. There have been a very small number of new jobs created the last couple months, so it can be said the jobless recovery continues. A solid number (> 100K) would have lite a fire under the market. Instead this is one more piece of bad news the market will have to absorb. At least it’s got a cushion to work with. The indexes are are up a bunch off their early-June lows and can endure some selling pressure for a couple days and not lose it trend.
Spanish 10-year yields climbed over 7% today.
Amazon is developing a smart phone.
INFA is getting clobbered before the open.
My bias remains to the upside, but we gotta see how things shake out today and early next week. Wall St. is very forgetful, so you never know how it’ll react a few days later. More after the open.
headlines at Yahoo Finance
headlines at MarketWatch
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers
0 thoughts on “Before the Open (Jul 6)”
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Any report under 300,000 does not allow for new entrants, retirements, and death. There is a slight recovery in the housing market ONLY if you believe that the deals being made are dollar good, and occurring at prices above build costs. Most deals do not meet these criteria.
Spain has a number of banks that must be closed. The sooner the better for all, but it would
require a major loss to not just Spanish investors, but European and just many American and English too. Hear the can rattling again?
The real cloud is not knowing what taxes, mandatory programs (regulation) and export potential to Asia and Europe. Africa does not matter and S.A. is nice, but not vital
to US growth. Congress and the President are at fault here, both should be fired – sooner
the better. We will get another fall blood bath, and PMs will rise after hitting 1470.
Yes, I am opinionated.
all polititians do is sit at the dinner table and argue so as to appear they’re doing something. That and campaign to run for office to insure lobbist kickback and their own pocket lining. Its like they’re sitting in a life boat sipping campaign watching the titanic go down.
champagne
Sipping campaign and campaigning for a new rudder, “A new rudder will give us direction! With a new rudder no one will have to row! With a new rudder we won’t need to fix the holes in the boat! We need a new rudder!” And the crowd cheers and starts chanting, “Rud-der, rud-der, rud-der”.
kevin rudd used to be the australian labour prime minister
he sunk the australian ship–oz in wonderland –with needless debt
Too bad the world can’t realize it needs to row in congruence. The conservatives pull and the liberals push causing the boat to go in a circle. We’ll never reach land.
Hey aussie ! what a load of crap ! He didn’t soak us in debt !1 merely distributed surplus to the needy…Get YOUR facts right !!
LOL rudder for president
What would happen if debt were erased? In reality commerce is cash flow not wealth.
do you have a gun? and food stock piled? lol
Thats good Whidbey–im a global opinionated,but i like your wave counts and at least you deal with the futures and the indexes
now the fact is wall street moves the economy–but for the past 2 years wall st has been a zombie on low volume—oops no thats wrong wall street is just a pawn and london moves wall st
–but london is also a zombie on low volume and the euro moves london and the german dax and asia—but wait a moment the euro is a zombie and proped up by the bankrupt ecb and the merkel wave and the big player china –that is also buying most of usa houses
the blood to all these zombies are the banks,that are full of fomaldahide which is not on their balance sheets
the big world wide ponsi will end soon,till then we are stuck in a market zombie range,with a zombie economy and zombie politicans
we might still have a little gass in the world ponsi yet,with range bound trading of impulsive wave followed by time phase corrective waves
the jaws of death expanding triangle may eat everyone up and then there will be nothing stoping a move to infinite zero
well thats my optomistic opinion
And that’s my pessimistic opinion, IMPO. IMpoh, Im-poh,
Jesus Christ bloke I told you yesterday indexs were extremely over bought and I was going short wtf u want?
I know, you want hand fed some baby food with a little silver spoon.
you want me to place your orders 4 u?
If you’re willing to hand feed me I’d rather have grapes from a toga clad vixen.
I was busy yesterday, somebody shot up the building and the fire alarm kept going off. I need to move.
my God! get the f outta there
lol –kevin rudd was also forign minister to usa
but i think he is to ruddery for us president
looking DOWN the timeline road I see very few roadbump bounces. If you accumulate into Oct,
be very patient and slow to buy
the bump would probably b a big fat walrus burping and lying in the road lol
you want to see something funny watch aci longs trying to get out without lowering the price.
it’s really f’in funny
but all joe lunchbox knows is that his wife said his 401k statement was still ok.
…and the game goes on
back before the fed was operating this market we woulda been down 500 pts
150 of them in the last 15 min.
the fed is very much at home with bama, pelosi and barney the frank
they love to control the world and hand out everyones rations
democrats want to be God