NASDAQ

Markets jumped this morning after data was released on unemployment and the trade deficit. The figures are seen as positive by investors, but most Americans would see them as nothing more than "less bad." The United States still has a long way to go before there is any reason to celebrate.

The President will take to the streets supporting his new initiative to bolster jobs and rebuild infrastructure. At the same time, the Federal Reserve will release what is likely to be a depressing data set regarding its continued monitoring of America's economy.

Wall Street seems poised for a slow start and a slow day overall this morning. September tends to be the weakest month for trading and we should not expect that to change today. However, new plans from the White House to boost infrastructure and manufacturing could lend some encouragement to the overall economy.

In recessions past we have surged back with renewed enthusiasm only to have our hopes dashed by a recessionary relapse. This time, the prospects for the U.S. economy seem so dire that there is little room for celebration or panic.

Financial markets are looking forward to the start of a new month today. Even given the historical laziness of September trading investors will be happy to put August in their rear view.