A classical risk on day, and for good reason: The ECB is making its first hints at intervening aggressively on behalf of the PIIGS, and yields are coming down.
The dollar is weak. Stocks are exploding higher, and at one point the Dow was up 200 points, before the ISM came in just slightly cooler than what some uber-bulls had been hoping for.
Still, the strong ADP helped a lot, and already estimates for this Friday’s big jobs number are being revised higher.
Watch Bank of America. Yesterday it was getting whacked thanks to the Wikileaks revelations, but this morning it spiked, and yet today… it’s giving up those gains fast.
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