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Stock Market Readies for Jobs Data
The markets are seeing some profit taking ahead of the Non Farm Payrolls and Unemployment Report. These reports will be released to the market tomorrow morning at 8:30am ET. As these loom, investors are taking some profits off the table from the recent rally. In the last week, the markets surged 8%.
In the last two days, the economic news has started to look less dire. Yesterday, ADP (ADP) Private Sector Employment came in at 91,000. This was better than Wall Street had expected. In addition, this morning the ISM Index for August reported in at 50.6. This was far better than expectations. In addition, any number over 50 shows expansion in the economy. While it was barely over 50, the markets had anticipated a major slowdown. After this report hit the markets at 10am ET, a dramatic spike was seen in the S&P 500. However, within minutes, profit takers returned and the markets have gone back to the flat line with eyes on the jobs number tomorrow.
The outlook from this Chief Market Strategist has been dead on since the bottom pivot was put in on August 9th, 2011. Tomorrow is going to be a wild card day. The markets need a strong Non Farm Payrolls number to continue their rally. However, even if the markets pull back on Friday, more upside is seen next week. This is mainly due to expectations of the Federal Reserve implementing further easing policies and light volume surrounding the Labor Day Holiday weekend. Once the SPDR S&P 500 ETF (SPY) hits $126.25, then the party should come to an end. Late September and October may be very rough months for the market. Stay ready and keep it short term.
Gareth Soloway
InTheMoneyStocks.com
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