evening wrap

market vibes

December 2 … )

The entire board has a sleepy, moody necrotic feel. Maybe it’s the time of year or its the pre-pre NFP zone. If it is, we’re getting quite a head start at doing nothing until Friday.

ISM data was mixed today. The Fed’s Waller was leaning toward a cut in his remarks this afernoon. Obviously NFP will rebound from 12k last month on Friday. So far, the survey is 4.1% headline with 215 job growth. Revisions are probable. Wednesday’s ADP is estimated 165k vs 233k last month. JOLTs tomorrow expected unchanged.

In metals today

March copper managed to hold a retest of its November 14 lows this morning. This is another voice in the recessionary choir that is very cheap. Considering the calendar with January AUM allocations coming up, It might be a stealthy Trump trade in disguise.

Zaccardi posted this on X yesterday.

Twenty-four years ago Nortel, Cisco, Intel, EMC (early mover in data storage) and a zillion others were falling between 90% and 99%.

S & Ps, Yen FX and “the carry”, bonds and the vibe coming up.