Morning Note 8/31/11

{+++}Good morning. We got hit pretty hard by the hurricane, thankfully no real damage except for power loss (still no power) since Saturday evening. I grabbed some wifi and a generator yesterday so I now have internet and some lights, but total power may not be restored for several more days, so I have been out of pocket for a while.

Futures are higher this morning as the market tries to extend yesterday’s gains. Data on tap for Wednesday include ADP payroll figures for August at 8:15 a.m., the Chicago purchasing managers index for August at 9:45 a.m. and factory orders for July at 10 a.m. All times are Eastern. Investors will be looking at ADP data closely as a potential precursor for the August nonfarm payroll report due Friday. Keep in mind that ADP has been fairly lousy at predicting jobs.

Light summer volume has kicked in and the market is closed on Monday, so volume and price action could be tricky through the remainder of the week.

See you in the chat room.






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