Wednesday, July 30, 2008
Maybe not......
There was a retest of the prior lows Wednesday and the bulls came on top with the Dow up more than 450 points over the past two sessions. The Dow added 186.13 points Wednesday to close the session at 11,583.69. The SPX gained 21.06 points to close on1,284.26. We still have no play on... but are close to jumping in.
The day got off to a bullish start when the ADP Employment Report showed a surprise gain in payrolls in July. The report showed that 9,000 private nonfarm payrolls were created during the month, which is positive considering the BLS report is expected to show a decline of 72,000 nonfarm payrolls, including government jobs.
And the gains came despite a sharp rise in oil. Crude gained more than $4 a barrel to close the session at $126.77. A larger than expected decline in gasoline reserves this past week and the sudden resignation of Israel’s prime minister led to strength in crude.
Lets see if this strength can last past Friday!
Until next time.
The day got off to a bullish start when the ADP Employment Report showed a surprise gain in payrolls in July. The report showed that 9,000 private nonfarm payrolls were created during the month, which is positive considering the BLS report is expected to show a decline of 72,000 nonfarm payrolls, including government jobs.
And the gains came despite a sharp rise in oil. Crude gained more than $4 a barrel to close the session at $126.77. A larger than expected decline in gasoline reserves this past week and the sudden resignation of Israel’s prime minister led to strength in crude.
Lets see if this strength can last past Friday!
Until next time.
# posted by Paul @ 6:58 PM 
