A listless trading day was we got… “ thoughts of continuation into Friday is a little too much too imagine”. The trading premise since last weekend has been the market can run freely on PA (window dressing), it’s complacency over negative tilted newsflow and no eco’ data until Friday to walk freely. Well, Friday is around the corner and we’ll get to see via Global PMI’s /US ISM if Global Macro issues have played havoc and NFP#(see yesterday’s hawkish fed note). Just before close a semi-hawkish Fed member sounded off in a hawkish tone (raise rates by .75 year end), but the big 3 members have yet to comment.
All in, the market big $ longs and markets shorts are on hold. The data may do nothing to change.
Opticals, Ag's, look here for any follow through off today.
Demi/ YourPersonalTrader
PMI's ok/inline except big UK decline, still FTSE up
NFP#, inline, not as hawkish as feared, market should be relieved so far from data.
US ISM/, Fed speak from top 3 dove dog (Dudley) , still to come ~10am