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Stock Market Trends for July 7, 2011

This morning’s ADP Job report showed 157,000 new jobs created. That’s still nowhere close to where it needs to be, but not the disaster that was June’s report. Wall Street can exhale and need not worry too much about Friday’s more important Employment Situation news. It should come in fairly close to or slightly above the 110,000 new jobs target.

On the other hand, Jobless Claims remain resolutely above 400,000. While the they are down from last week and 2000 below the 420,000 analysts expected, they have to move under 400k for job growth to accelerate.

As for stocks today, the “whew they aren’t a disaster job results” have futures up; however, all the indexes are pressing their foreheads against technical ceilings. There could be a cap on upside, but today’s news should also provide a floor.

ETF’s With Technical Buy Signals

  • PowerShares VRDO Tax-Free Weekly (PVI)
  • PowerShares DB Gold (DGL)
  • PowerShares DB Gold Double Long ETN (DGP)
  • ProShares UltraShort Euro (EUO)
  • ProShares UltraShort FTSE China 25 (FXP)
  • Market Vectors Junior Gold Miners ETF (GDXJ)
  • iShares Gold Trust (IAU)
  • ETFS Physical Swiss Gold Shares (SGOL)
  • ProShares Ultra Gold (UGL)
  • PowerShares DB US Dollar Index Bullish (UUP)
  • ETFS Physical PM Basket Shares (GLTR)
  • ETFS Physical Palladium Shares (PALL)
  • ETFS Physical Platinum Shares (PPLT)

ETF’s With Technical Sell Signals

  • Global X FTSE Colombia 20 ETF (GXG)
  • Market Vectors Brazil Small-Cap ETF (BRF)
  • SPDR Barclays Capital Convertible Secs (CWB)
  • iShares MSCI Hong Kong Index (EWH)
  • iShares FTSE China 25 Index Fund (FXI)
  • PowerShares Financial Preferred (PGF)
  • PowerShares DB US Dollar Index Bearish (UDN)
  • Vanguard MSCI Pacific ETF (VPL)
  • ProShares UltraShort Silver (ZSL)

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