Final Update/ Week of May 31, 2010

Good Morning Everyone and Happy Friday! Well, it’s not a happy Friday if you are heavily invested in the stock market and were hoping for a big rally today. We got a little sniff of this on Wednesday when the ADP Payroll report only posted 55K new jobs for the private sector. The Labor Dept came out with their official nonfarm payroll report for May which showed an increase of 431,000 jobs – one would think that would be enough to create a rally, but analysts were looking for 500K. The unemployment rate did drop to 9.7% from 9.9% the previous month and came in below the 9.8% anticipated.

Concerns in the EU have spooked the markets once again with word of Hungary being in financial trouble now. The Dow is down 225 points at this moment, off its lows of the morning. Just a few minutes ago we were down 250 and below the psychological 10K mark. Apparently that’s when things bounced back. If we stay near these levels for the day, this will be the 5th out of the last 6 weeks of negative closings on the Dow. Credit markets are improving big time this morning and pricing should be good.

I’m out of the office today out making calls. Reach out and touch me on my cell phone today if you need me. Have a terrific Friday and a very restful and relaxing weekend!