Analysis:
Today the Initial Jobless Claims came in as no surprise, as the Analysis predicted yesterday, but the Pending Home Sales Index was better than the consensus forecast, which gave the market the reason to rise.
Tomorrow is the Judgment Day -- to the Bulls, to be precise, and the Bears' trump card is the Employment Report. The Employment Report will likely surprise on the downside that will at least wipe out all today's gain if the private payroll increase is in the positive 20,000s, and there is some probability that the number may come in negative, which will set the tone for the Sept. market to plunge below 1,040. The ISM non-manufacturing index will likely surprise on the upside, but that will not save the Bulls from the disappointing private payroll number.
Strategy
Hold short at 1,080
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