Before the Open (Aug 6)

by admin on August 6, 2010
in Before the Open

Good morning. Happy Friday.

The Asian/Pacific markets closed mixed. Europe is mostly up, but gains are small.

Employment numbers are out. Here they are:

unemployment rate: 9.5% (was 9.5% last month)

nonfarm payrolls: -131K (was -125K last month)

average workweek: 34.2 (was 34.1 last month)

hourly earnings: +0.2% (was hourly earnings -0.1%)

Futures were up a couple points heading into the numbers and then got hit hard after the release.

It’s been a very slow week. Other than the opening minutes Monday, the market has traded in a tight range on declining volume. Resistance is just overhead, and the small caps have lagged all week. The trend over the last 5 weeks has been up, but until the June high is taken out and the small caps improve, I don’t think it’s a good idea to be super aggressive on the long side. As of now today’s open will be near the bottom of this week’s range. More after the open.

headlines at Yahoo Finance

today’s upgrades/downgrades

this week’s Earnings Reports

this week’s Economic Numbers


2 Responses to “Before the Open (Aug 6)”
  1. Howard Weinstein says:

    Hi Neal!
    Currently the Dow is down 140, S&P down 16,
    and the Nas down 32.55. How do you think
    we are going to end at the end of the day
    today? HW

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