Market Commentary – July 7th, 2011

A couple of thoughts ahead of the open:

  1. I think the jobs numbers were mixed.  While ADP came in better than expected, historically the ADP number is subject to wide fluctuation and revisions.  Secondly, the jobless claims numbers continue to look negative and show no indication of economic growth.
  2. Despite the futures being positive again this morning, when I look at charts for the stocks with the heaviest trading volume I am not seeing very many that appear to be breaking above upside resistance.

I know the trend is to the upside,  but still somewhat skeptical until I see Friday’s unemployment numbers.

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