Mike O’Rourke of JonesTrading echoes something that our Matthew Boesler was saying earlier, that the next 3 days are going to be huge for the economy.
In a note out this evening he writes: “The next 3 days will be pivotal for the markets.”
There are two big reasons. One is the central bank activity, both the Fed and the ECB.
The other is the huge onslaught of economic data coming up.
The most important economic data of the month comes out over the next three days. Tomorrow we have ADP Employment, Auto Sales for April and the ISM Manufacturing report. They will be followed by the all-important jobs report on Friday. Most of the regional Fed manufacturing indices have missed forecast and today the Milwaukee and Chicago PMIs posted sub-50 readings. Today’s Chicago reading of 49 was the weakest since September 2009. The Chicago PMI has a tendency to run stronger than the national ISM. That means there is a better than average chance that tomorrow’s ISM will miss estimate of 50.6.
Already the data out tonight is weak, notably Korean exports, which are a big bellweather for world trade.
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