In the "Things Are Getting Better" Department

*Per ADP, US adds 200,000 more jobs in July, more than estimates of 180,000.

*First Read of 2nd quarter GDP shows a reading of economic growth at an annualized rate of 1.7%.  {Note though that GDP has a history of being revised down over the past several years in its later reports.  Indeed in the same report 1st quarter GDP was revised down to 1.1% from 1.8%.}  Economists had been looking for growth in the 1% range.

*Per Dr. Ed's Blog, forward Wall Street estimates of S&P 500 earnings are now $118.26 while end of year 2014 are $123 per share.  Those numbers seem to high to me but a 15 multiple on that $123 estimate implies an S&P 500 with the potential to trade around 1850 by the end of next year.  We'll see about that!

*Long ETFs related to the S&P 500 in client and personal accounts.