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Daily Market Update – May 4, 2016 (Close) Yesterday wasn’t a very good day as the market decided to once again follow the path of oil. This morning looked no better, as the losses were mounting and it got no better as the hours mounted. The past two days come as lots of inconsequential earnings were being released. Unfortunately, those are the ones that have been better than expected and were offering some decent guidance. But being inconsequential, they’re inconsequential. This week we may get something of consequence as the Employment Situation Report is released on Friday after seeing some disappointing numbers as the ADP Report was released. It’s hard to even take a guess as to how the market would elect to receive good or bad news, although this morning the reaction was actually fairly muted as the market was already sharply down before ADP. We all know what the FOMC wants and we all expect that it has to happen sooner or later, but will traders get enthused if the economy isn’t performing up to expectations and we get to continue along with these historically low interest rates? That’s been the case for years now and it has to be both tiring and exasperating. It’s like wanting your young child to always remain nothing more than someone with potential, but always being happy when the chance to pursue that potential is thwarted or never even arrives. Watching the futures this morning was portending what I’ll likely be doing the rest of the day. Watching. Maybe I should have taken the time to go out and get some new glasses and at least make the day worthwhile to a small degree. |
