Today is WEDNESDAY and today the ADP's payroll report, will be the warm-up act for Friday's jobs data, and will drive market direction more than usual Wednesday.
One reason is that the payroll-services provider's 8:15 a.m. data come ahead of the auction of $21 billion in reopened 10-year notes, 1 p.m. ET, and stronger-than-expected data could help yields rise, giving a concession to the market. Though not viewed as a true picture of the jobs report, the data have become more trusted among market players recently.
This should give us a bit of clarity for the jobs reports. Because right now if you look at the transports it is stuck within a skinny channel, and not really moving much. So this could be some sort of catalyst and driver.
Earnings are also expected Wednesday from Constellation Brands, Family Dollar, Ruby Tuesday and Monsanto but the big traders will be waiting for the payroll news. Right now the transports has been ranging inside a downwards channel, but it has not moved much at all.
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