Thursday, July 7, 2011

Econodata and Market Update July 7

Asian, Australian, European, Canadian, and US data was very positive today.
I want to concentrate on US. Retail sales were better than expected. ADP was a big positive surprise. Claims slightly lower. This is giving bulls yet another boost, and wind at their back may increase if NFP tomorrow is going to confirm ADP. I have seen on quite many occasions that when ADP is off by a lot, NFP would not confirm. Less than 24 hours to wait...

SPX is @ 1350 and NDX @ 2400, just shows you that market will hurt the most players at most times. Expiration week is coming, will these be the levels pinned? Is this the max pain?

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