However, what we have today is China's central bank cutting rates for the second month in a row and the ECB cutting rates to an all time low of .75%. The Bank of England is also reported to be panning more QE-about 50 billion pounds worth.
Meanwhile, here in the US we got some good employment news:
"On the economic front, private employers added 176,000 jobs in June, according to the ADP National Employment Report, beating expectations for a gain of 105,000 positions. May's figures were revised up slightly to an increase of 136,000 jobs from the previously reported 133,000."
"In addition, weekly jobless claims dropped 14,000 to a seasonally adjusted 374,000, according to the Labor Department, marking the biggest decline since April. Economists expected claims falling to 385,000, according to a Reuters poll. The four-week moving average for new claims fell 1,500 to 385,750."
"Both reports come ahead of the key government non-farm payroll report on Friday. Economists surveyed by Reuters expect to see a gain of 90,000 in June following an increase of 69,000 in the month prior."
Who knows, maybe the US markets are waiting till tomorrow to buy after hearing tomorrow's government non-farm payroll report. Sometimes optimism is buoyed after an ADP report only to drop after the non-farm report on Friday. Still, if I were a betting man-actually I am a betting man, just broke-I wouldn't be shocked to see the market come back up some point today, maybe very early.
Put it this way-I wouldn't be too comfortable trying to short this market today.
This is actually a good news :)
ReplyDeleteI've watched a video about restoring market by Ed Butowsky with the Bloomberg's Taking Stock where they discussed about this issue. Click here to watch the video.
Thanks a lot for the link Janice! Good to have a young mother reading us!
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