Futures vs FV: SP -2.08; DJ -13.77; NASDAQ -6.26
ADP, July: 179K vs 165K vs 176K (from 172K). Services sector created most jobs in July -- surprise! That is an ongoing trend. ADP cites weak small business hiring, weak construction.
Services PMI's:
UK 47.4 vs 52.3 prior
CHINA: 51.7 VS 52.7
Hong Kong: 47.2 vs 45.4
Australia: 53.9 vs 51.3 prior
Earnings beats: EA; FIT
Misses: TWC (TL); CLX (BL but TL beat); ODF (BL, but TL beat)
Mortgages: -3.6% on the week
OTHER MARKETS
Bonds: 1.54% vs 1.558% 10 year
EUR/USD: 1.1193 vs 1.1219. Dollar rebounds some against euro
USD/JPY: 101.08. Dollar continues struggling well down in the downtrend channel.
Oil: 39.68, +0.17. Modest rebound still trying to find footing
Gold: 1367.90, -4.70. Giving back some of the Tuesday rush higher.
Futures are modestly lower, off the early, early lows but not by a lot. Stock indices are sluggish but are also down/flat for 3 weeks. NASDAQ and SOX are just testing, NASDAQ on its 2nd day, SOX on is 4th-5th. The latter two are testing good moves and DJ30 is doing that more or less.
The key now is, after getting a bit jangled Tuesday, if buyers come back in with new bids. At this juncture, however, it could be another 'catalyst waiting' game with the Jobs Report Friday. With that, however, there could be some short covering ahead of that release given the indices have experienced a lot of put buying the past few sessions as they have drifted and then sold a bit harder.
Look to the leaders to get the drift, e.g. NASDAQ big names and chips.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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