Monday, August 02, 2010 – Market close commentary

Monday, August 02, 2010 – Market close commentary
The US equity markets followed the lead of both the ASIA and Europe markets to close significantly higher. The DIA was up $2.03 or 1.94 percent for the day, the SPY was up $2.49 or 2.26 percent, and the Q’s also had a nice gain for the day of $0.86 or 1.87 percent. Please keep in mind that the market gapped up and did not close Friday’s gaps. Consequently, this is very bullish sign, especially as the bulls were able to surpass last week’s highs for the aforementioned indexes. Unless there are any major catastrophic events, I project the equity market to continue to increase until the release of this Friday’s employment data. If it’s favorable news, the market will have one of its best performances for the year. Our US equity markets are lagging the overseas markets and it is anticipated that we will narrow this variance.