The Fed did nothing today, and their jawbones must have been fatigued.
Stocks continued in a relatively narrow range.
Gold and silver continued to hover underneath overhead resistance.
There will be a Non-Farm Payrolls report on Friday. It just became much more interesting because the ADP private employment report came in today far to the upside. Details are in the economic news slide below.
Everything seems to be a mixed bag in the news.
Trump is injecting plenty of uncertainty, but the rally of hope for change continues hanging in there.
There is a huge divergence between the ‘soft surprises’ and ‘hard surprises’ in the company earnings reports. The hard data is of course money, and the soft surprises are found in clicks and tricks, and assorted metrics of the non-financial sort.
I have trouble taking a non-haven position in these markets, because I just cannot escape the feeling that we are in for a really serious breakout, one way or another. But so far, no.
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