Dow -27.80 at 17730.11, Nasdaq -3.91 at 5009.21, S&P -0.64 at 2076.78
As I have suspected, market went up to test the resistance again after opening but was rejected again. Thereafter there was more short selling until the support level. The bullishness is surely undermined.I think market is still likely to going up but the upside is more or less limited, like what we have seen for the past 2 sessions. The resistance level should see if the bears are taking control of the market. On top of that we are going to see the unemployment claims and Nonfarm Payroll numbers. That is going to give the market a catalyst.
As the market is closed on Friday due to Independence Day, we are going to see more volatility and some profit taking ahead of Greece's deal across the weekend.Direction for Thursday 2 July, 2015: Down
Nonfarm payroll was disappointing while unemployment rate went down. Hourly earnings remains stagnant. Greece saga seems to quiet down after the government decided to hold a referendum for the bailout decision. I suppose most traders are taking profits off their positions ahead of a long weekend and the settlement Greece bailout. Meanwhile in China, the sell-off continues as we see more downside in the Shanghai Composite.
Crude oil saw some upside as the Dollar Index suffered a sliding amid weak jobs report. However there was a sell off after no. of oil rigs is reported to climb up.
Market Summary
Industry Watch
Strong: Consumer Staples, Energy, Telecom Services, Utilities
Weak: Consumer Discretionary, Financials, Health Care, Technology, Materials
Other Market Moving Factor:
- June Nonfarm Payrolls miss expectations (223,000; Briefing.com consensus 230,000): hourly earnings show no growth (consensus +0.2%) and May reading revised down to +0.2% from +0.3%
Equity indices held modest gains at the start after the Nonfarm Payrolls report for June missed estimates (223,000; Briefing.com consensus 230,000) with the wage component showing no monthly growth. The lack of wage growth was viewed as an argument in favor of the Federal Reserve delaying its first rate hike, evidenced by a surge in the Treasury market. The 10-yr note backed away from its high ahead of the close, but still ended firmly in the green with the benchmark yield slipping four basis points to 2.38%.
Despite opening on a higher note, stocks retreated from their early levels, turning negative during late morning action. Interestingly, the benchmark index slipped below its flat line after the International Monetary Fund admitted that Greece will need approximately EUR50 billion in funds over the next three years and that a 20-year grace period should take place before any repayment begins. The comments from the IMF are likely to galvanize the ‘no' camp ahead of Sunday's referendum in Greece.
Six sectors ended the day in negative territory while energy (+0.4%), technology (+0.2%), telecom services (+0.3%), and utilities (+1.4%) posted gains. The utilities sector held the lead throughout the session thanks to the morning drop in Treasury yields. The rate-sensitive sector was the only group that ended the week in the green, adding 1.1% since last Friday.
For its part, the energy sector was able to end in the green even as crude oil surrendered its intraday gain, ending the pit session unchanged at $56.93/bbl. For the week, WTI crude surrendered 4.5% while the energy sector lost 1.9%.
Elsewhere among cyclical groups, the technology sector (+0.2%) struggled early on, but the group rallied into the close, lifting the benchmark index off its session low. Chipmakers led the afternoon rebound with the PHLX Semiconductor Index adding 0.5%.
There wasn't much in the way of corporate news today, but Health Net (HNT 71.57, +6.51) jumped 10.0% after agreeing to be acquired by Centene (CNC 74.44, -6.46) for roughly $78.57/share in cash and stock, which represents a 21.0% premium to Wednesday's closing price. Meanwhile, the broader health care sector (-0.3%) ended among the laggards while biotech names finished little changed with iShares Nasdaq Biotechnology ETF (IBB 370.17, +0.27) adding 0.1%.
Today's trading volume was well below average with roughly 700 million shares changing hands at the NYSE floor.
Economic data included Nonfarm Payrolls, Initial Claims, and Factory Orders:
- Nonfarm payrolls added 223,000 jobs in June after adding a downwardly revised 254,000 (from 280,000) in May while the Briefing.com consensus expected an increase of 230,000
- Government payrolls were flat, and the entire increase in payrolls came from the private sector as private payrolls increased by 223,000 while the consensus expected an increase of 225,000
- Although the payroll data was not far from expectations, the details of the report highlight extreme weaknesses as average workweek and hourly earnings were both flat in June
- Total aggregate earnings increased a minuscule 0.1% in June, down from a 0.5% gain in May
- The unemployment rate fell to 5.3% in June from 5.5% while the consensus expected a decline to 5.4%; however, the entire decrease was due to a decline in labor force participation as opposed to employment growth
- The initial claims level increased to 281,000 for the week ending June 27 from an unrevised 271,000 while the Briefing.com consensus expected an increase to 271,000
- Despite the big increase, the four-week moving average increased by only 1,000 to 275,000, leaving the overall trend near a 15-year low
- Factory orders declined 1.0% in May following a downwardly revised -0.7% (from -0.4%) decline in April while the Briefing.com consensus expected a decline of 0.5%
- Durable goods orders declined 2.2% in May, which was revised down from a 1.8% decline in the advance report
- The entire decline resulted from continued weakness in the transportation sector with those orders declining 6.5% in May after falling 4.0% in April
- Durable goods orders declined 2.2% in May, which was revised down from a 1.8% decline in the advance report
- Nasdaq Composite +5.8% YTD
- Russell 2000 +3.6% YTD
- S&P 500 +0.8% YTD
- Dow Jones Industrial Average -0.5% YTD
On Monday, global markets were shaken after Greek leaders said ‘no' to the Eurogroup's cash-for-reform proposal and investors around the world in turn said ‘no' to buying stocks. Just about every major market closed down at least 2.0%. The hardest-hit markets were the European bourses, which included Germany's DAX Index (-3.6%) and Spain's IBEX (-4.6%). Japan's Nikkei dropped 2.9% while China's Shanghai Composite fell 3.3% despite the People's Bank of China cutting its benchmark lending and deposit rates by 25 basis points each to 4.85% and 2.00%, respectively. In comparison, the U.S. stock market fared reasonably well, yet that doesn't mean it did well. Hit with broad-based selling pressure, the S&P 500 declined 2.1% as buyers basically wanted no part of the day's action outside a few areas of specific interest. One area was the utilities sector (-0.6%), which traded with a modest gain for most of the day before ultimately feeling the gravitational pull of the weak market. Another area was the Treasury market, which attracted safe-haven flows. The 10-yr note surged more than a point and saw its yield drop 15 basis points to 2.33%.
On Tuesday, the stock market ended the final June session on a higher note, but that did not stop the S&P 500 (+0.3%) from registering a 2.1% loss for the month. Equity indices spent the first three hours of the day in a steady retreat from their opening highs with the S&P 500 making a momentary appearance in the red after German Chancellor Angela Merkel said that Germany cannot consider new proposals from Greece until after Sunday's referendum. However, the benchmark index climbed to a fresh high during afternoon action with the move taking place amid reports Greece could cancel its Sunday referendum if negotiations are resumed and an agreement could be reached on required prior actions. To that point, Eurogroup Chief Jeroen Dijsselbloem acknowledged the receipt of a new proposal from the Greek government with the offer set to be reviewed at tomorrow's Eurogroup meeting. The speculation about a potential cancellation of the referendum had little impact on the euro, which spent the afternoon near its session low reached after Ms. Merkel's comments. The single currency slid 0.6% against the dollar to 1.1145.
The major averages spent the Wednesday session in a slow retreat from their opening highs, but they were able to keep more than half of their opening gains. The S&P 500 climbed 0.7% while the Nasdaq Composite (+0.5%) underperformed. Equities surged out of the gate amid reports from Europe indicating Greece is now ready to accept all conditions in order to secure a bailout. The report sparked a rush to risk assets, but the Greek offer was met with a cool reception from Eurozone leaders. Most notably, Germany's Chancellor Angela Merkel reiterated that talks will not resume until after Sunday's referendum, adding that "a compromise at any price" is not worthwhile. Similarly, Eurogroup Chief Jeroen Dijsselbloem said he does not see the need for a resumption of talks ahead of Sunday's referendum. Despite charging at the start, stocks began inching away from their highs about 30 minutes into the session after Greek Prime Minister Alexis Tsipras reiterated his call for a ‘no' vote during Sunday's referendum. A small pullback ensued as Mr. Tsipras' comments cast doubt on earlier speculation that the referendum could be cancelled altogether.
Global Market
Asian Markets Close: Japan’s Nikkei +1.0%; Hong Kong’s Hang Seng +0.1%; China’s Shanghai Composite -3.5%
With the exception of China, the global equity markets generally finished higher in a fairly quiet overnight session ahead of the NFP data due out in the US. The Shanghai shuffle continued, closing down well over 3% on the day. Like yesterday, the brunt of the selling occurred after the mid-day break, probably an indication that margin calls are forcing liquidations toward the days end. On that note, there were reports that the CSRC is considering loosening the margin standards to help prevent forced liquidations. Japan had a fairly non-eventful 1% gain with the yen softening against the dollar.
Economic Data
- Australia
- May Trade Balance (in AUD): -2.7 bln vs – 2.2 bln est
- New Zealand
- JUN QV HOUSE PRICES: 9.3% V 9.0% in Jun 2014
- South Korea
- May Current Account: $8.7 bln vs $8.1 bln in May 2014
Equity Markets
- Japan’s Nikkei increased 1.0% on broad-based gains that were led by the Health Care (+2.2%), Consumer Discretionary (+1.8%), Financials (+1.8%). Individual standouts included Sharp (+8.6%) and Shinsei Bank (+2.8%).
- Hong Kong’s Hang Seng increased just 0.1% today. Galaxy Entertainment was a notable mover, rising 13.2% after the latest Macau gaming figures were released. Likewise, gaming peer Sands China posted a 12.1% gain.
- China’s Shanghai Composite declined 3.5% to close the weak. Financials bucked the broader market trend, after being notable laggards yesterday. Ind & Comm Bank of China rose 5.8%, while China Construction Bank gained 3.9% today.
- India’s Sensex gave up 75 pts to close down 0.3% on the day. Mahindra & Mahindra was one of the leaders, up 2%, while Tata Motors was less fortunate, finishing down 2%. Out of the 30 stocks in the index, 20 ended in negative territory.
FX
- USD/CNY Unch at 6.2010
- USD/INR -0.1% at 63.52
- USD/JPY +0.3% at 123.48
EUROPE
Major European indices trade near their flat lines while Italy’s MIB (-0.4%) underperforms. Elsewhere, Greek Finance Minister Yanis Varoufakis announced plans to resign in the event of a ‘yes’ vote in Sunday’s referendum, saying he would “cut his arm off” rather than sign a deal without debt restructuring.
- Eurozone May PPI 0.0% month-over-month (expected 0.1%; prior -0.1%); -2.0% year-over-year, as expected
- UK’s June Nationwide HPI -0.2% month-over-month (consensus 0.5%; prior 0.2%); +3.3% year-over-year (last 4.3%; prior 4.6%). Separately, June Construction PMI rose to 58.1 from 55.9 (expected 56.5)
- Spain’s Unemployment Change -94,700 (expected -124,000; prior -118,000)
Closing Prices
- UK’s FTSE: + 0.3%
- Germany’s DAX: -0.7%
- France’s CAC: -1.0%
- Spain’s IBEX: -0.7%
- Portugal’s PSI: -0.3%
- Italy’s MIB Index: -1.4%
- Irish Ovrl Index: -0.1%
- Greece ASE General Index: Closed
Macroeconomic Data
Economic Data
from Briefing.com
- Initial Claims : 281K vs 270K (Prior 271K)
- Continuing Claims : 2264K vs 2231K (Prior 2249K - Up)
- Nonfarm Payrolls : 223K vs 230K (Prior 254K - Down)
- Nonfarm Private Payrolls : 223K vs 225K (Prior 250K - Down)
- Unemployment Rate : 5.3% vs 5.4% (Prior 5.5%)
- Hourly Earnings : 0.0% vs 0.2% (Prior 0.3%)
- Average Workweek : 34.5 vs 34.5 (Prior 34.5)
- Factory Orders : -1.0% vs 0.2% (Prior -0.7% - Up)
- Natural Gas Inventories : 69 bcf (Prior 75 bcf)
UNEMPLOYMENT CLAIMS
Highlights
- The initial claims level increased to 281,000 for the week ending June 27 from an unrevised 271,000 for the week ending June 20. The Briefing.com Consensus expected the initial claims level to increase to 271,000.
- The continuing claims level increased to 2.264 mln for the week ending June 20 from an upwardly revised 2.249 mln (from 2.247 mln) for the week ending June 13. The consensus expected the continuing claims level to decrease to 2.221 mln.
Key Factors
- Despite the big increase in the initial claims level, the four-week moving average increased by only 1,000 to 275,000. The overall trend remains near its 15-year lows.
Big Picture
- The recent upward move in the four-week average for initial claims is nothing to worry about.
NONFARM PAYROLLS
Highlights
- Nonfarm payrolls added 223,000 jobs in June after adding adding a downwardly revised 254,000 (from 280,000) in May. The Briefing.com Consensus expected nonfarm payrolls to increase by 230,000 jobs.
- Government payrolls were flat, and the entire increase in payrolls came from the private sector. Private payrolls increased by 223,000 after adding a downwardly revised 250,000 (from 262,000) in May. The consensus expected private payrolls to increased by 225,000.
- The unemployment rate fell to 5.3% in June from 5.5% in May. The consensus expected the unemployment rate to decline to 5.4%.
Key Factors
- While the payroll data nearly matched expectations, the details of the employment report highlight extreme weaknesses.
- Both the average workweek and hourly earnings were flat in June. Total aggregate earnings increased a minuscule 0.2% in June, down from a 0.5% gain in May. Any sizable gain in consumption will have to come from consumers dipping into their savings.
- There simply was not enough income growth to sustain May spending trends.Income growth was also not strong enough to support any type of acceleration in core inflation.
- Unfortunately, the entire decrease in the unemployment rate was due to the statistical calculations and not employment growth.
- Unemployed workers exited the labor force in droves in June, which dropped the labor force participation rate from 62.9% in May to 62.6% in June. That was the lowest labor force participation rate since October 1977, when women did not make up nearly the same percentage of the workforce as they do today.
- If the labor force participation rate remained at May levels, the unemployment rate in June would have increased by 0.1 percentage points to 5.6%.
Big Picture
- Despite the initial claims level trending near 15-year lows, there is still considerable amount of slack in the labor market. That explains both the poor wage data and the weak labor force participation rate.
FACTORY ORDERS
Highlights
- Factory orders declined 1.0% in May following a downwardly revised -0.7% (from -0.4%) decline in April. The Briefing.com Consensus expected factory orders to decline 0.5%.
Key Factors
- Durable goods orders declined 2.2% in May. That was revised down from a 1.8% decline in the advance report. Durable goods declined 1.7% in April.
- The entire decline in durable goods was the result of continued weakness in the transportation sector. Those orders declined 6.5% in May after declining 4.0% in April.
- Excluding transportation, durable goods orders were flat in May, down from an originally reported 0.5% gain.
- Nondurable goods orders rose 0.2% in May after increasing 0.3% in April. Most of that gain was the result of higher petroleum prices, which helped push up total orders at petroleum refineries by 2.2%.
- Orders of nondefense capital goods excluding aircraft were revised down from an originally reported 0.4% gain to a 0.4% decline. Shipments, which factor into GDP calculations, declined 0.1% in May, down from an originally reported 0.3% gain.
Big Picture
- Factory orders have declined during 9 out of the past 10 months.
Market Internals
NYSE:
Lower Volumes than the day before – 718.0M vs 862.3M
Advancers outpaced Decliners (adv/dec): 1549 / 1520
New Lows outpaced New Highs (highs/lows): 48 / 110
NASDAQ:
Lower Volumes than the day before – 1479.6M vs 1805.4M
Decliners outpaced Advancers (adv/dec): 1037 / 1787
New Lows outpaced New Highs (highs/lows): 47 / 86
VOLATILITY S&P500 (VIX)
16.79 +0.70 (+4.35%)
Technical Updates
17,730.11 -27.80 (-0.16%)
Volume: 83,099,424 (below average of 95,669,945)
Range: 17,687.52 - 17,825.49
Range: 17,687.52 - 17,825.49
5,009.21 -3.91 (-0.08%)
Volume: 357,112,487 (below average of 431,885,496)
Volume: 357,112,487 (below average of 431,885,496)
Range: 4,990.74 - 5,027.47
2,076.78 -0.64 (-0.03%)
Volume: 484.4M (below average of 517,903,453)
Range: 2,071.02 - 2,085.06
The 3 indices are still held below by their respective resistance levels. DOW could not break above the resistance at 17,800 and continues to sit above its support at 200MA. The next support level is around 17,600 area. Despite denied by the previous uptrend line, NASDAQ still formed a support at 5,000 level and next level of support should be around 4,950 area. Likewise for S&P, it found a good support at 2,070 but unable to break through the resistance from the trend line. I think we should see the index find another support at 2,050 level i.e. the 200MA.
Commodities
Closing Commodities: WTI Crude Sells Off In Afternoon Trade, Just Hit A New LoDCommodities
- The dollar index remained in the red this afternoon, which helped out a handful of commodities
- WTI crude oil futures was not one of them
- WTI finished today’s pit trading session one cent lower at $56.93/barrel, selling off from its HoD of $57.95/barrel
- Crude continued to sell off in afternoon trade and just hit a new low for today near the $56.50/barrel area
- Aug natural gas closed $0.04 higher at $2.82/MMBtu and remained in positive territory all day
- Aug gold lost $5.08 today to $1163.40/oz, while Sept silver closed $0.01 lower at $15.56/oz
- Sept copper ended unchanged at $2.63/lb
Energy
- August crude oil futures fell $0.01 to $56.93/barrel
- August natural gas closed $0.04 higher at $2.82/MMBtu
- RBOB Gasoline closed $0.02 higher at $2.03/gallon
- Heating oil futures closed flat at $1.84/gallon
Agriculture
- September corn closed $0.04 higher at $4.28/bushel
- September wheat closed $0.01 higher at $5.88/bushel
- November soybeans closed $0.01 lower to $10.28/bushel
- Ethanol closed $0.03 higher at $1.66/gallon
- Sugar #11 closed 0.14 cents lower to 12.30 cents/lb
- Grains closed today at 1 PM ET for the July 4th Holiday
Metals
- August gold ended today’s session $5.80 lower at $1163.40/oz
- September silver closed $0.01 lower at $15.56/oz
- September copper closed flat at $2.63/lb
Currencies
- The U.S. Dollar Index fell 0.18% to 96.14 today after the June Employment Situation Report showed that wages were flat m/m, giving the Fed more latitude to hold steady on rates until 2016
- EUR/USD: +0.37% to $1.1082
- The ECB announced that it would expand the scope of its asset purchase program to include corporate bonds, while keeping the total size of the program the same
- Greek Finance Minister Yanis Varoufakis said in an interview on Bloomberg TV that he would resign if the "Yes" voters win on Sunday, giving the Greek government a mandate to accede to its official creditors' demands
- GBP/USD: -0.03% to $1.5602
- The United Kingdom's Construction PMI jumped to a better-than-expected 58.1 in June versus 55.9 in May
- The Nationwide Harmonized Price Index rose 3.3% y/y in June, less than expected and less than the 4.6% gain in May
- The United Kingdom's Construction PMI jumped to a better-than-expected 58.1 in June versus 55.9 in May
- USD/JPY: -0.12% to 123.09
- USD/CHF: -0.50% to 0.9440
- USD/CAD: -0.25% to 1.2561
- Canada's RBC Manufacturing PMI came out at 51.3 for June, up from 49.8 in May
- AUD/USD: -0.21% to $0.7623
- Australia's trade deficit narrowed to -2.751 bln in May from -4.136 bln in April
- NZD/USD: +0.02% to $0.6718
- The Kiwi traded a fresh 3-year low, falling as low as $0.6676
Bonds
Yields Drop on Downbeat Data
- Treasuries ripped higher today in a curve-steepening trade after June's Employment Situation Report showed that wage growth remained subdued and the fantastic nonfarm payroll number from May was revised down by 26K. Adding fuel to the bullish fire was a Factory Orders report for May that showed weakness as well as a downward revision to the April reading. The Greek referendum will take place over the weekend on Sunday, July 5th
- Yield Check:
- 2-yr: -6 bps to 0.63%
- 5-yr: -7 bps to 1.64%
- 10-yr: -4 bps to 2.38%
- 30-yr: -1 bps to 3.19%
- News:
- The U.S. economy added 223K jobs in June after adding adding a downwardly revised 254K(from 280K) in May. The Briefing.com consensus expected nonfarm payrolls to increase by 230K jobs
- Government payrolls were unchanged, so the entire increase in payrolls came from the private sector
- Both the average workweek and hourly earnings were flat in June. Total aggregate earnings increased a minuscule 0.2% in June, down from a 0.5% gain in May
- May's 0.3% rise in Hourly Earnings was revised down to 0.2%
- Initial Jobless Claims increased to 281,000 for the week ending June 27 from an unrevised 271,000 for the week ending June 20. The Briefing.com consensus expected claims to increase to 271,000
- Continuing Jobless Claims rose to 2.264 mln for the week ending June 20 from an upwardly revised 2.249 mln (from 2.247 mln) for the week ending June 13. The consensus expected continuing claims to decrease to 2.221 mln
- Factory Orders declined 1.0% in May, worse than the Briefing.com consensus of -0.5% and the reading from April of -0.7% (revised down from -0.4%)
- Durable Goods Orders declined 2.2% in May. That was revised down from a 1.8% decline in the advance report
- Nondurable Goods Orders rose 0.2% in May after increasing 0.3% in April. Most of that gain was the result of higher petroleum prices, which helped push up total orders at petroleum refineries by 2.2%
- The U.S. economy added 223K jobs in June after adding adding a downwardly revised 254K(from 280K) in May. The Briefing.com consensus expected nonfarm payrolls to increase by 230K jobs
- Commodities:
- WTI Crude: -0.68% to $56.57/bbl.
- Gold: -0.50% to $1,163.50/troy oz.
- Copper: +0.13% to $2.634/lb.
- Currencies:
- EUR/USD: +0.43% to $1.1091
- USD/JPY: -0.13% to 123.08
- Week Ahead:
- Monday: June ISM Services (10:00 ET)
- Tuesday: May Trade Balance (08:30 ET); May JOLTS – Job Openings (10:00 ET); 3-year note auction, amount TBA (results at 13:00 ET); May Consumer Credit (15:00 ET)
- Wednesday: MBA Mortgage Index for the week ending 7/4 (07:00 ET); Crude Inventories for the week ending 7/4 (10:30 ET); 10-year note auction, amount TBA (reopening) (results at 13:00 ET); FOMC Minutes for the June 17th meeting (14:00 ET); San Francisco Fed President John Williams (FOMC voter) speaks on the economic outlook (14:00 ET)
- Thursday: Minneapolis Fed President Kocherlakota (non-FOMC voter) participates in panel discussion "Central Banks and Fiscal Authorities” (05:45 ET); Initial Jobless Claims for the week ending 7/4 and Continuing Jobless Claims for the week ending 6/27 (08:30 ET); Fed Governor Brainard (FOMC voter) speaks on regulatory reform and implementation (10:00 ET); Natural Gas Inventories for the week ending 7/4 (10:30 ET); Kansas City Fed President George (non-FOMC voter) (12:30 ET); 30-year bond auction, amount TBA (reopening) (results at 13:00 ET)
- Friday: May Wholesale Inventories (10:00 ET); Boston Fed President Eric Rosengren (non-FOMC voter) (11:35 ET); Fed Chair Janet Yellen (FOMC voter) (12:00 ET)
Treasury Yields:
- 2 Year Note 0.64% -0.05
- 5 Year Note 1.64% -0.06
- 10 Year Note 2.40% -0.03
- 30 Year Bond 3.19% -0.01
2/30 Spread: 255 bps ( +4 ) … 2/10 Spread: 176 bps ( +2 )
Preview for Friday 3 July, 2015
Economic Data
Friday (3 July) : Independence Day - Market Closed
- No Economic Data
Earnings Highlights
Friday (3 July) : Independence Day - Market Closed
BMO - None Scheduled
AMC - None Scheduled
BMO - None Scheduled
AMC - None Scheduled
Summary
I suppose the recovery wasn't that strong after all. The bears are still somewhat in control of the market. This weekend will see some results from the Greece's referendum which could bring in some volatility next week. Also, we would see how the market react to the employment report when market reopens next Monday. We are likely to see the sea of red remains across Asian market as well. I don't think that bodes well to the global economy.
Do note that equity market will be closed tomorrow due to Independence Day. Enjoy the weekend.
I suppose the recovery wasn't that strong after all. The bears are still somewhat in control of the market. This weekend will see some results from the Greece's referendum which could bring in some volatility next week. Also, we would see how the market react to the employment report when market reopens next Monday. We are likely to see the sea of red remains across Asian market as well. I don't think that bodes well to the global economy.
Do note that equity market will be closed tomorrow due to Independence Day. Enjoy the weekend.
Direction for Friday 3 July, 2015: (Market Closed)
2015 Daily Directional Accuracy: 60/101 (59.41%)
2015 Daily Directional Accuracy: 60/101 (59.41%)
2015 Weekly Directional Accuracy: 14/23 (60.87%)
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