Overall unemployment fell to 9.5% but…..

Private hiring is still very tepid. 83,000 new private hires occurred  short of the consensus estimates of 112,00o0 and far short of what will bring down unemployment in a meaningful way. Companies are hiring but just at a very slow pace. That said, the markets took it on the chin early with the Dow falling over 100 points and the S&P touching the 1015 level however the markets did close off its lows. I continue to believe that once the 2nd quarter earnings reporting season kicks into full gear, this will be the one of the key confirmatory catalysts which will determine the markets direction for the second half of the year.

In closing, no matter what the political and economic deficiencies are in America, there is no place like America. We all cannot forget or take for granted the freedom and liberties we do enjoy and no matter what, we always must have faith in our system and in our country and  must believe that somehow and in some way this country will figure out.

Happy 4th of July and God Bless America.