The U.S. stock market is up big time in the last two weeks. Will the June non-farm payroll data (jobs report) become an excuse to sell and take profits or will it add fuel to the fire and lift the market even higher?
Today's ADP report showed a gain of +157,000 jobs versus estimates for +70,000. Tomorrow economists are expecting the government's job data to show +105,000 in June versus +54,000 in May with the unemployment rate unchanged at 9.1%. This month it seems that estimates for the job report tomorrow are all over the map so it's hard to tell how investors might react.
I am not adding any new candidates tonight. Stocks are short-term overbought and need to correct but we all know the market can always grow more overbought. We'll wait and see how the market reacts to the economic data tomorrow and then add new candidates this weekend.