Daily Market Analysis - Friday, 8 July 2011

Thursday, 7 July 2011 AMC

Dow	12,719.49	+93.47	+0.74%

Nasdaq	2,872.66	+38.64	+1.36%

S&P 500	1,353.22	+14.00	+1.05%

Russell 2000	858.11	+12.88	+1.52%

Thursday, 7 July 2011 Economic Data

Thu Jul 7	8:15am	USD		ADP Non-Farm Employment Change		157K	67K	36K
	8:30am	USD		Unemployment Claims		418K	421K	432K
	10:30am	USD		Natural Gas Storage		95B	80B	78B
	11:00am	USD		Crude Oil Inventories		-0.9M	-2.4M	-4.4M

Market was up due to

1. better than expected ADP non-farm employment change up by 157,000 
2. drop in unemployment claims
3. Retailers report solid same-store sales

What's ADP non-farm employment change report ?
This U.S. report is a measure of non-farm private employment. It was developed in order to help meet the need for timely and accurate estimates of short-term movements in the labor market.

Read more: http://www.babypips.com/forexpedia/ADP_Non_Farm_Employment_Change#ixzz1RTDjnXPH

Friday, 8 July 2011 Economic Data

8:30am	USD		Non-Farm Employment Change			88K	54K
8:30am	USD		Unemployment Rate			9.1%	9.1%
8:30am	USD		Average Hourly Earnings m/m			0.2%	0.3%
10:00am	USD		Wholesale Inventories m/m			0.6%	0.8%
3:00pm	USD		Consumer Credit m/m			5.1B	6.2B

News




Summary

1. First week of Jul tends to be bullish
2. Last week indices been bull, perhaps exhaust by now.
3. Bear dont hide in summer ! 
4. It's Friday, more reason for traders to profit take as it been generally good in the past 9 trading days
5. Nonfarm payroll probably be good as the unemployment change report and claims turn out good

Friday, 8 July 2011 Market Direction : Down


Accuracy : (3/6)