Tomorrow’s June Payroll release is key to near-term mkt direction. A moderate increase in jobs is expected, with av earnings to be off a tad. We look for something more.
Consensus view past few weeks was/is for a slowing ahead, into year end. We noted earlier that such a view was wrong, and why.
Thus, those who own debt can look for higher rates (June/9 our cyclical low); those who own equities - to the extent real sector data drives these prices - can look for improvement.
Robert Craven
Thursday, July 7, 2011
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