(as of 7:25 AM PST)
It seems hard for markets to
maintain positive momentum. Up days have
yet to follow through to a second day which leads one to believe that the
positives are no more than bounces from the beat down of previous sessions. Today’s economic data includes the ISM report
for domestic services. Services comprise
75% of our total economic output, so it is an important indicator. The reading today came in at a vibrant
reading of 54. Anything above 50
indicates positive growth. A second
piece of data is the ADP private employment report. It came out weak, showing only 175,000 jobs
were created. The ADP report is followed
by analysts, but is often found to be out of step or inaccurate as an indicator
of total employment trends. Gold is up a
small amount today. Oil is also up mildly.
Interest rates continue down, with mortgage rates hitting their lowest
point in months. Expect the ISM report
to provide the spark that will help the market to its first two day winning streak
of the year.
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