CHICAGO, Sept. 2, 2011 /PRNewswire/ -- Zacks highlights
commentary from People and Picks Trader
"inthemoneystocks".
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Featured Post
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 (Nasdaq: 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 (NYSE: 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.
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