Bonds are flat this morning and stocks are up slightly on a slightly stronger than expected ADP private sector job change report which showed 42,000 additional jobs in July vs an expectation for 25,000.  June's increase in private sector payrolls was revised up to 19,000 from 13,000.  For equities, it appears there is more relief that the number was not a surprise negative rather than there is enthusiasm for the actual number which reflect too few jobs added to represent a meaningful data point for optimism.