I am not clear at this point, if as market speculators we are cheering for good news or bad news, but judging from futures this ADP report was 'just right' - not too good, not too bad. According to ADP the private sector added 91,000 jobs. (expectations were for 110,000) This is not enough to keep up with population growth or bring down the unemployment rate but of course not a negative number either. Nothing to dissuade the Fed from bringing in another round of helicopters, which is probably the most important thing to the market right now.
While this report and Friday's government data rarely line up, if we assume 20-25K or so losses in the government sector, they would actually line up quite well with economists forecasts for a print of 60Kish.
Full report here.
Yesterday the S&P 500 held that 20 day moving average as it shook off the consumer confidence data in the morning - it continues to take bad news as good, and good news as good - this is David Tepper thinking circa latter 2010. Next stop is that 50 day moving average in the mid 1230s. Keep in mind it's also month end 'mark up' time.
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows