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Daily Market Update – May 4, 2016 (7:30 AM) Yesterday wasn’t a very good day as the market decided to once again follow the path of oil. This morning looks no better, as the losses are mounting. The past two days come as lots of inconsequential earnings are being released. Unfortunately, those are the ones that have been better than expected and are 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 and maybe even something this morning as the ADP Report is released. It’s hard to even take a guess as to how the market would elect to receive good or bad news. 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 is portending what I’ll likely be doing the rest of the day. Watching. Maybe I’ll take the time to go out and get some new glasses and at least make the day worthwhile to a small degree. |
