Markets opened higher this morning on mixed economic data and optimism that a deal might be reached to fend off a Greek bond default. The ADP employment report came in slightly above expectations with a very healthy projection of private job growth. While the report is market moving at times, it has often shown to be unreliable as an indicator. The ISM services index came in showing solid growth, but showing a decrease from last month,and somewhat below expectations. The ISM services data point is important because services represent 75% of US economic output. In other international news, the China ISM services index was up as well, another positive as China tries to transition from an economy so dependent on manufacturing. Europe markets are up moderately as economies throughout the region appear to be improving (excepting Greece). The dollar continues to lose ground to other currencies while interest rates are up. Both oil and precious metals are struggling, notching small loses to start the day. Barring a breakthrough on Greek negotiations it is hard to see markets maintaining current gains given other economic stories.
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