Courtesy of John Nyaradi
Fireworks Start Friday Morning!
Tomorrow at 0830 Eastern Daylight Time stock market fire works will light up Wall Street.
On the stroke of the half hour, we get the May Non Farm Payrolls Report, May Unemployment and May Earnings Reports.
At 1000, we get the less incendiary but still important May ISM Non Manufacturing Report.
This week, so far, has been a disaster on the economic news front and stock markets have reacted accordingly:
March Case/Shiller Housing: Down
May Chicago PMI: Down
May Consumer Confidence: Down
May ADP Employment: Down
May ISM: Down
May Motor Vehicles: Down
April Factory Orders: Down
Weekly Unemployment: slightly improved but not as much as expected and well above the all important 400,000 level.
In other investing news today, Moody’s threatened to put the U.S. on credit review if no debt reduction agreement is reached and they also put Bank of America, Wells Fargo and Citi in their crosshairs with possible credit downgrade warnings.
Being a Friday and coming on top of a miserable week, the “grand finale” tomorrow could be impressive, indeed.
Markets seem to be waiting for the Fed to ride in like the cavalry in the old Westerns to save the day, so far there has been no trumpet over the horizon.
I’ll be at my computer (0530 on the West Coast) to watch the display and we’ll discuss all of this in detail over the weekend.
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