Update on supports and resistances. … [visit site to read more]

Update on supports and resistances. … [visit site to read more]

ADP, the largest payroll processing firm in the U.S., has come out with its estimate of job losses in June for the private sector. It is not a pretty picture, with the economy shedding 473,000 more jobs in the month. This was far worse than the 394,000 consensus expectation.

On the silver-lining side, the May number was revised to a fall of 485,000 jobs from the initial estimate of 532,000. This moves the May ADP data somewhat closer to the BLS data (June due out tomorrow) of 345,000 … [visit site to read more]

U.S. stocks and exchange traded funds (ETFs) opened the third quarter in positive territory on encouraging economic news regarding manufacturing, pending home sales and construction spending.

A report on U.S. manufacturing activity indicated that the sector has contracted less than expected in June and at the slowest pace since last August.  The Institute for Supply Management’s index read a 44.8 in June, which is still indicative of a contraction, but higher than the 42.8 it logged in … [visit site to read more]

(XLP) - Consumer Staples Select Sector SPDR - Shares of the consumer staples ETF have rallied approximately 2% to $23.45. The fund caught our eye after some 7,500 puts were purchased in the January 2010 contract at the 19 strike price for 35 cents apiece. At first glance the transaction looks bearish as well as contrarian in the face of today’s rally. However, we believe the transaction is the work of a bullish investor who has simultaneously picked up shares of the underlying in … [visit site to read more]