Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Week in Review


See ya on Monday!


Market Recap

Investors wind down a holiday-shortened week on Wall Street with Friday's employment data providing an encore fireworks display. Non-farm payrolls for June came in lower than expected at 121k vs. the 175k consensus. Keep in mind, Wednesday's release of the 4th tier ADP employment data had sent economists scurrying to revise forecasts. The unemployment rate stayed low at 4.6 percent. This was initially seen as a net positive for equities and yields. However, the wage data (average hourly earnings) rose 3.9 percent year-over-year, the biggest gain in five years. That's an issue we've highlighted in our recent work and we continue to feel this is a critical consideration of the overall inflation picture.

There are a number of cross currents facing the markets over the next several months. In addition to the economic equation (see Tuttle Asset Management's new product, On the Calendar) we have geopolitics, energy and earnings season to contend with. To reiterate, we continue to believe the markets and the economy are nearing a critical juncture. Keep your "Eye on the Ball" with our Morning Cup of 'Jo and watch your footing.

Top Headlines

A budget standoff in the
New Jersey state legislature has forced the shutdown of Atlantic City casinos for the first time ever. (Wed 5th)

North Korea tested several missiles as part of their feared ballistic missile program including a long-range Taepodong that was considered a failure after it exploded shortly after takeoff into the Sea of Japan . (Wed 5th)

3M Co. (MMM) warned Friday that second quarter earnings will miss expectations on lower sales volume. (Fri 7th)

Factory orders jumped by 0.7% in May well over the 0.1% increase that analysts were expecting. (Wed 5th)

Enron founder Kenneth Lay died of an apparent heart attack just several weeks after he was found guilty of defrauding investors and employees in one of the biggest scandals in corporate America. (Wed 5th)

Despite a recent slowdown in the economy, jobless claims fell by 2,000 compared to last week's figure.

In macroeconomic news, the Bank of Japan will raise interest rates to 0.25% from zero next week despite controversy among government officials. The European Central Bank is slated to hold interest rates steady this week but begin raising rates in August as Europe 's economy continues to expand. (Tue 4th)

America Online, a division of Time Warner Inc. (TWX), is contemplating offering free services including email to customers who already have high-speed internet access. (Thurs 6th)

The National Association of Realtors reported a 1.3% rise in pending home sales. This was the first rise since January and a sign that the housing sector is stabilizing. (Thurs 6th)

The Florida Supreme Court overturned a $145 billion punitive damage award against tobacco companies. The award was the largest ever given by an American jury. (Thurs 6th)

Payrolls increased by a mild 121,000 in June well below the 175,000 estimate. However, hourly wage earnings jumped by a higher than expected 0.5%. (Fri 7th)

Market Movers: Winners and Sinners

No positions in stocks mentioned.

The information on this website solely= reflects the analysis of or opinion about the performance of securities an= d financial markets by the writers whose articles appear on the site. The v= iews expressed by the writers are not necessarily the views of Minyanville = Media, Inc. or members of its management. Nothing contained on the website = is intended to constitute a recommendation or advice addressed to an indivi= dual investor or category of investors to purchase, sell or hold any securi= ty, or to take any action with respect to the prospective movement of the s= ecurities markets or to solicit the purchase or sale of any security. Any i= nvestment decisions must be made by the reader either individually or in co= nsultation with his or her investment professional. Minyanville writers and= staff may trade or hold positions in securities that are discussed in arti= cles appearing on the website. Writers of articles are required to disclose= whether they have a position in any stock or fund discussed in an article,= but are not permitted to disclose the size or direction of the position. N= othing on this website is intended to solicit business of any kind for a wr= iter's business or fund. Minyanville management and staff as well as co= ntributing writers will not respond to emails or other communications reque= sting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.



Featured Videos