The revisions to the June data on employment were probably more damaging than the shortfall to July’s number, especially in the private sector. June private sector jobs were revised to just 31k from 83k. July private sector jobs were 71k, just shy of the 90k anticipated. That really wasn’t too bad. The average hourly wages increased by 0.2% and even the average workweek expanded by 0.1%, both better than expected. The unemployment rate held steady at 9.5%, but that was mainly due to discouraged workers falling off the ranks of the unemployed. We do have the FOMC meeting this week, but earnings are no longer a catalyst for moving the market higher. The economic data are not likely to be inspiring, as they will be reporting on the slow summer months from this point forward. Politically, Congressional leaders head home for campaigning soon, and we expect it to get ugly. Technically, the S & P broke its 200-day moving average on an intra-day basis. That did invoke a wave of selling, probably due to stop-loss orders. However, there was no volume. The Dollar’s decline below its 200-day moving average should be positive for exports. The 10-year yield fell to its lowest level since April of 2009. Investors may not be thrilled by the sanguine prospects for the economy, but the Fed is committed to maintaining a stimulative stance, rates are going to stay low, and inflation is non-existent. Stability is the name of the game. However, the opportunities to make headway are fading.