Market Wrap Up (JOEZ, PYMX, TAXS, CRDC, MFGD, COIN)

Today markets were mixed on retail results and continued problems with BP’s gushing oil well. The DOW closed up .12%, the NASDAQ closed up 1.06%, and the S&P closed up .4%. The Euro continued to drop today testing new lows. The Euro is currently at 1.2161 against the dollar. 
 
Investors are sitting at the edge of their seats waiting for tomorrow’s unemployment report, which is predicted to show 513,000 net jobs were added in May. A plethora of economic data today is pointing to a good result, but no one ever really knows. Although the market isn’t booming, encouraging signs are starting to emerge. 

Earlier in the afternoon BP stated that they had successfully made their cut on the pipe but it was not as precise as they had wanted. The capping will prove more difficult and a looser seal than expected. I told my friends living on the West Coast of Florida to enjoy their sandy white beaches while they last (very sad).

In world news rising tensions between North and South Korea continue. The U.S. has publicly backed South Korea in the dispute. China has been experiencing higher levels of pollution as its economy begins to bounce back and the economic giant has warned the U.S. of pushing steel duties on imports, hinting that a tariff war could ensue.
 
Finally, for the World Market Media indices our Mico cap  index finished up 2.47 or .27% lead by Joe’s Jeans (JOEZ) , PolyMedix (PYMX) and TaxMasters (TAXS). The World Market Media Nano Cap Index  finished down 10.99 or 1% lead by Cardica (CRDC) Money4Gold Holdings, Inc. (MFGD) and Converted Organics (COIN)  

Disclosure: no positions

 

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October unemployment report to spark market

Friday (November 6), the Labor Department is expected to release date on October unemployment.  Forecasts call for 175,000 job cuts during the month, according to a poll of analysts by Reuters.

Experts predict that unemployment climbed to 9.9 per cent in October as it sits just on the fringe of an inevitable surge past ten per cent in the coming months.  If the October estimate holds true, this would mark the 22nd month in a row of job losses, though the pace of losses has slowed significantly.

Unemployment continues to be the sector of the economy lagging behind the recovery effort.  Companies appear to still be hesitant to hire back displaced employees or to expand operations because of remaining uncertainty.
Another growing thought among economists is that many companies have likely discovered leaner ways to operate and run their businesses as a result of the economic crunch. 

Companies that might have reluctantly let employees go in the last few months might not realize efficiency benefits if they are getting the same or better product from a reduced workforce.  This would also lead to slow interest in new hires.

The unemployment report is sure to have a significant impact, one way or the other, on Friday’s trading in the stock markets. A report in line with expectations or one that is dramatically better than anticipated could drive equities hire to close out the week.  It might also have an effect on the dollar and other speculative commodities like oil and gold that have preyed on the weak dollar in lieu of the bad economy.

The dollar could also see an effect of a better jobs report.  The greenback is in trouble after the Fed reported Wednesday that it is likely going to keep its lending rate near zero for a long time.  This is going to make the dollar undesirable for speculators who like to carry currencies that offer a nice yield income opportunity to offset currency trade risk.

<a target=”_blank” href=”http://www.livecharts.co.uk/MarketCharts/crude.php” title=”oil price”>Oil price</a> is near $80 per barrel and gold price is at $1,091.10 as they each have made gains against the floundering dollar, as have major currencies.  The direction of the dollar and correlated products is sure to be affected if the unemployment report produces a result much lower or higher than expected.

Article Source:http://www.articlesbase.com/day-trading-articles/october-unemployment-report-to-spark-market-1446954.html