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05/08/2009 ADP Employment Change Could Disappoint

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Uploaded by on Aug 5, 2009

www.tradingfloor.com
US Personal Income out at -1.3% MoM in June and -3.4% YoY. Spending still 'sound' at 0.4% MoM.
Pending Home Sales look positive, but they are driven by the $8,000 tax credit, which runs out at Nov 30. S&P 500 edged higher and closed at 1005. Look for 1014 (38.2% Fibonacci).
Watch out for important US figs today. We expect the ADP to disappoint.

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