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Post: Wednesday - A spring in the markets step. | Daily Delphi

BlogsPit Talk › Wednesday - A spring in the markets step. April 2, 2014, 6:50 am

7:15 AM CT
ADP Employment Change for March
Prior 139 K Forecast 215K
9:00 AM CT
ADP Factory Orders for Feb
Prior -0.7% Forecast 1.1%
9:30 AM CT
Crude Inventories for 3/29
Prior 6.619M

The equities started the second quarter on an upbeat but low volume note. The lack of participation and data created an ideal situation for the market algorithms to slowly push prices up. The S&P closed at an all time high of 1885.52, the Nasdaq was up +69.05 to settle at 4268.04 and the Dow moved +74.95 to 16532.61.

Asian equities closed out their session on higher ground and the European markets are looking at narrow gains in late session trade. Today the big news will be the ADP number, as traders consider it an important signpost for things to come. After yesterday's push higher traders will be looking for anything to justify a continued move up. And a mediocre report could actually do the trick - it wouldn't give the Fed's hawks any ammunition but it also wouldn't call into question the economic recovery. April is typically the top performing month of the year, with stocks returning 1.7% on average over the past four decades, according to Schaeffer's Investment Research. Let the good times roll. Trade strong.

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