U.S. Stocks closed mixed after trading much higher in the afternoon following the Fed's announcement to keep interest rates unchanged. The Dow Jones rose to up as much as 140 points, before stocks sold off in the last hour.
The daily trading pattern suggests we may test the recent lows in the next couple of days. The Friday employment report will hold the key. Today's ADP report indicated another loss of 200,000 jobs. I still see CNBC analysts suggesting jobs are ready to turnaround, based upon recent productivity figures.
The Dollar was hit hard today, which is interesting, because the stock market did not go anywhere. Gold flirted with $1,100 before settling back down with a gain of a couple bucks. 10 Year Treasury yields were about 3.55% the last I saw, and that is a bit of a pop from around 3.41% earlier in the week.
I have no clue what the market will do in the next couple of days, but the pattern suggest a re-test of the recent lows should occur soon. The European and UK central banks meet tomorrow to discuss policy, but keep an eye on jobless claims here in the U.S. They have been quite steady as of late, and a lack of improvement may start an early sell-off before Friday's employment report.
Scott Cole www.bestdaytradingstocks.com
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