We at Boom2.0 have been telling the world for more than 3 weeks now that the Dow would hit the 11, 000 point today, but there were some shaky moments leading up to this milestone. With slightly weaker than normal jobs data released today, at the start of trading day, traders were a little jittery but then the market mustered some steam and the bulls ran loose on wallstreet. Investors threw off the less than stellar news on jobs and instead focused on higher retail data, smaller deficit and increased temporary help hires.
The major news organizations is not in the business of news telling anymore but rather their a cartel monolithic in their ways intent on spreading fear. Even with the overwhelming evidence - See citigroup posting $2.2 billion profit, the tarp program is almost repaid, the cash for clunkers saving the car business in the summer 2009 -that their has been tremendous gains after the Tarp program has ran it's course. Major news conglomerates still continue to spread the utter falsehood that nothing was achieved.
Investors looked at positive economic data other than the jobs report for their support as they took the plunge. Stocks lifted even though little in other data were released, right now the markets are coasting on other news released during week.
The jobs market has improved in September over the same time last year. Overall the American economy has shed a cumulative 95,000 jobs alittle more than expected. The government sector lost a total of 159K jobs as opposed to the private sector wich added 64,000 new positions.
The markets will start slow today as expected since most people were waiting for the jobs news. The market may recover during the to reach the 11,000 on the dow as we predicted earlier.
Even though the markets ended lower today, we here at boom 2.0 still believe in our protection that the Dow Jones will end the trading session tomorrow October 8 2010, at a 5 month high of over 11,000. At session's end today the Dow Jones industrial averages was down 19 points. The markets are obviously still in a waiting to see posture, no doubt that the release of the unemployment figures for September will put the Dow Jones industrial averages over 11,000 marker, that is of course if there is a decrease in the unemployment figures from that of last month's.
Psst, guess what? Retail sales have been rising for thirteen straight months and september's the best, so far..
Many investors track the growth or decline in the jobs sector when it comes to wether to invest or not. Then there are a few individuals who look behind the wall - cable T.V. hosts who scream about the sky falling - and see the bigger picture right in front our eyes. An important economic indicator is retail sales, and guess what, people have been openning their wallets wider each month, but that's not getting reported.
Even with little in the way of good news the markets a little bullish with the Dow Jones Industrial averages hitting 5 months high. The bulls weren't running wild on wallstreet though since the Nasdaq, S&P 500 and Treasuries all losing slightly. We will keep standing by our that prediction that the Dow will hit the 11,000 marker on or before October 8. The jobs data from the government on October 8 for September may heat up or slow down the recent gains but not much to halt the gains.
The service sector has seen marked growth in September so say a report from a trade group's survey showed Tuesday (The Institute for Supply Management said its service-sector index rose to 53.2 last month from 51.5 in August. Economists had expected a reading of 52). This number is great news for investors who'll be awaiting the jobs report from the government on Oct 7. The news says some economist won't great either, but the last quater of any year, let a post recessionary one usually isn't. With that said the market will assume a wait and see post today.
In August 2009 there 25.3% decrease in temp help, now as of August 2010 there was a 22.3% increase in temporary help. Of course this isn't totally great news to those looking for permanent job positions, but as most may remember being hired as temps at first. This new data on the Job picture is incredible news. Ok so why aren't the major news houses touting this significant milestone. Simply answer is most of them are in the scare business not the news business. Right now fear sells paper.
According to a Gallup poll released yesterday 26.3% more Americans now have healthcare, and furthermore the respected polling group, said this is the greatest monthly increase since they began tracking in 2008 January.the data released yesterday also said that employer based health insurance have stayed steady at 45% for the past four months. It would also seem that from previous polls from Gallup, has been showing an upward trend in the number of Americans now have healthcare, since the passage of the health-care reform bill.