04.03.13

MidDay Futures Trading Market Report

June S&P futures currently down 16 points at 1548.00.

The ADP private jobs forecast was a miss, came in lower than expected at 150 8000 while The Street was looking for a number of 194,000. Also the ISM services number at 54.4 was also lower than expected and indeed the lowest number since November of last year. These two numbers synergistically are enough to trigger profit-taking from yesterday’s new highs.

We also get the weekly crude inventory numbers at 1030. Metals can’t seem to buy a break lately and the predominant trend massively reasserted itself yesterday. It’s disappointing for metals that they are trading lower with a generally weaker dollar today.