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Post: Wednesday - Old news fades fast. | Daily Delphi

BlogsPit Talk › Wednesday - Old news fades fast. March 5, 2014, 6:50 am

CALENDAR
6:00 AM CT
MBA Mortgage Index for 03/01
Prior -8.5%
7:15 AM CT
ADP Employment Change for Feb
Prior 175K Forecast 150K
9:00 AM CT
ISM Services for Feb
Prior 54.0 Forecast 53.5
9:30 AM CT
Crude Inventories for 03/01
Prior 0.68M
1:00 PM CT
Fed Beige Book for March

TUESDAY RECAP

Easy come, easy go. The potential conflict between Ukraine and Russia had its 15 minutes on Monday, but on Tuesday investors decided to make up for lost time. The Dow Jones Industrial Average had its biggest winner of the year gaining +228 points. The S&P rose to an all-time new high and the NASDAQ rallied nearly 1.8%. All of Monday's safe-haven investments took the necessary hit. Gold was down -12.4 and 10-year treasury rates rose to 2.69% from 2.6%. If it isn't horrible news then it must be good news.

TODAY'S ACTION

There wasn't any good news out of the Ukraine on Tuesday. The markets decided it really doesn't matter, the West can't do anything or the herd knows best. Whatever the reasoning, the bulls were running. That doesn't leave much upside for any good news that might come around but it sure seems to leave plenty of downside if missiles start flying. This morning traders will get a look at the ADP employment data ahead of Friday's big number. We'll also see the ISM report before the open and the Beige Book data will be released at 1:00 PM CT. Trade strong.


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