The US produced two good economic numbers this morning that exceeded consensus, in the ADP employment report and the ISM Services index.
The markets popped on that good news, but then the rally faded and could not break out of the symmetrical triangle on the SP 500 futures.
The news from China overnight was not good, and Europe continues to weigh heavily. And of course Europe, especially Spain and Greece among others, remains highly unsettled.
Most daytraders still do not understand that the world has changed a bit, and some of the usual things that would goose stocks in the States are intermingled with this little thing called 'the rest of the world.'
The US Presidential debates are tonight and the Unemployment claims are tomorrow. We will also get some news on European interest rates. We will get the latest FOMC minutes on Thursday afternoon.
The Non-Farm Payrolls on Friday is expecting an add of 120,000 jobs and a slight tick higher in the unemployment percentage to 8.2%. Some fellow on financial TV was saying that expectations for jobs on Friday were 60,000 to 100,000 which did not seem right so I looked expectations up on Briefing.com. For 'private sector' jobs ex gov expectations are for an add of 130,000.