Bulls Push Resistance, Breakthrough Coming?

July 5, 2011, 6:34 pm

The market is rallying today on better-than-expected economic news and ahead of Fridays key June jobs report. Futures were pointing towards a strong open after the Automatic Data Processing (ADP) showed June jobs in the U.S. private-sector rose by 157,000 last month. The gain was well above the suit-and-ties forecasts for a gain of 100,000.

Elsewhere, New Claims for unemployment benefits fell by 14,000 to 418,000 for the week which was a bigger drop than Wall Street expected, but still above 400,000.

Of course, the big news coming on Friday is the non-farm payrolls report which could provide more evidence of an improving labor market. If unemployment comes in below 9%, it might be enough to push the market through the top end of the trading range we have been in since February.

We have to cut it a little short today because we have a ton of action we need to cover inside our Members Area. We closed out one trade earlier today that returned 296% for our subscribers and we have another trade on The Russell 2000 that has nearly doubled – up 95% and looking strong.

As we head to press, the Dow is up 90 points to 12,716 while the S&P 500 is higher by 13 points to 1,352. The Nasdaq is showing a pop of 38 points to 2,872. Subscribers, check for the updates and we will be back in the morning with our next post.

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