Happy Birthday

Well you’re probably thinking I’m talking about our president, but no. A few years before him my wife was born, so happy b’day honey!

The markets must have been happy also….but I think it was more a reaction to reports. Although we had good reports for ADP Employment and ISM Services, China came out saying they were going to stress test their banks for a 60% drop in mortgage value. Hmmm, sounds like they may know something? Well it was enough to spook traders and the markets came down pretty hard….and that was the first hour!

The rest of the day the markets just meandered up and down, but closing green with an A/D volume of over 2:1. So we’re still sitting good, but trepidation about Friday’s employment report may keep things subdued for Thursday. On the other side of that argument, Thursday’s Initial Claims report may stir it up!

Here’s to the rest of the week acting like the first part….profitable. Now, back to the birthday party.