Early estimates call for job losses of 370K and the unemployment rate to print 9.6%

After a roller coaster month, started by the surprise payroll figures for May (minus 345K), we have returned to the scene of the crime.  Today has been a quiet, no news day.  The balance of the week will heat up in a hurry with Consumer Confidence, Case Shiller Home Price Index, and Chicago Purchasing Managers report due tomorrow, the ADP payroll estimate on Wednesday, and then big daddy, the Employment Report for June due at 7:30 am cst on Thursday.  Early estimates call for job losses of 370K and the unemployment rate to print 9.6%.  More on this Wednesday.  For now, month end extensions (fixed income) by hedge funds and money managers continue to support the market.  Currently, the 10 year note is up 6/32’s (yield 3.48%), mortgage backs up 1/32nd, and stocks up 76 trombones on the big board.  Technically, it’s ‘steady as she goes” until the Employment Report hits the tape.

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