Just when the markets started to get skeptical, Senate leaders showed some skin and everyone got excited again. Markets were trading weaker across the board coming off the overnight session but managed to reverse on midmorning news that the Senate is awash in love. Gold, oil and the S&P all posted modest gains on thin volume. Columbus Day and the start to earning season both contributed to the light volumes.
7:30 AM CT
Empire Manufacturing Forecast 4.5 Prior 6.3
Today we'll be watching the Empire number and listening for sweet nothings out of DC. The senate leadership reacted to a weekend of no progress just as it looked like the markets might have something to say. Today we'll have higher volumes and the interest rate products will be open. (Closed for Columbus Day.) If someone or something fires the first liquidation shot it will be heard in the treasury complex. The kids kept the markets mollified yesterday but everyone's back in the game today. Watch those financials.