Market comments for July 6th

Data released this morning on the ISM Services sector came in at 53.3 for June versus a reading of 54.6 in May. This one is going in the wrong direction for a recovery. In addition to these numbers ISM Non- Manufacturing Index numbers came in at 60.9 for June vs 69.6 for May. This number also is in the wrong direction for a recovery.

The big number for the week will be Friday's Unemployment data for June. Last month the number rose to 9.1% for May and many expect it to rise to 9.2% for June. The Challenger Job cuts data also announced today didn't give many hope for a better number. The Challenger Job Cuts number was at +5.2% for June compared to it dropping in May to -4.3%.