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Friday, July 8, 2011

Future pummeled on jobs report

After yesterday's ADP report, investors were bullish and continued to run stocks up.  Unfortunately, the government's employment data showed only 18,000 jobs added, versus the ADP report showing 157,000.  Stock futures are getting spanked hard, with Dow futures down 137 points at the moment.

I sold positions yesterday, both for clients and in my model portfolio.  My model is available on my website (  Google also was downgraded by Morgan Stanley, which is not helping tech stocks or the NASDAQ.

It's going to be an interesting day!  I remain cautious, and continue to hold significant cash balances.  Check out my model portfolio to see what I own currently and the amount of cash I am holding.

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