Market opened lower again on this final day of August. It’s been a sideways month, with so much activity going on, but no progress made. Wheels have been spinning with a great deal of confusion as to where things are headed. At 2173, the S&P is exactly where it was when it started the month. It won’t last. It can’t. Resolution should come in September. The ADP private payroll report came in at 177K jobs added for the month, exactly inline with estimates. The big one will be Friday’s Non-Farm payroll report. 180K is the estimate. Economic data oversees isn’t bringing much enthusiasm either. Global Markets were mixed overnight. The Dollar is stronger, Oil and Gold are weaker and interest rates are flat. The 10-Year Treasury yield remains stuck at 1.5%, while the front end of the curve has risen with expectations of a Fed rate hike on the rise as well. Central banks are still the big player.
Have a great day,