The stock market has stalled as traders wait for the June jobs report, which is due out tomorrow morning before the opening bell. A month ago the May jobs report showed a disappointing +69,000 gain. Economists are expecting tomorrow's report to show +90,000 new jobs. However, in just the last few days it seems that analysts have grown more positive on tomorrow's report. Many are expecting a number in the +100K to +125K instead. A better than expected report could help refuel the market's rally. On the other hand if investors are expecting good news then a disappointing number would spark an exaggerated sell-off, especially in this low-volume environment.
We are not adding any new trades tonight as we wait for tomorrow's market-moving economic data.