daytrades may 5 morning ...

Good Morning Traders,

US Market Report:

Stocks ended in the red Wednesday, as disappointing reports on jobs and the services sector weighed on investors. Before the opening bell, payroll processor ADP said the private sector created 179,000 jobs last month -- down from 207,000 in the previous month. That was less than the 200,000 economists had been expecting.

"We hit a disappointment with ADP," said Doug Roberts, chief investment strategist for Channel Capital Research. "It wasn't earth shattering -- but at the same time, the average person doesn't see their job prospects improving much at all."

Later in the morning, the Institute for Supply Management also brought gloomy news, showing its reading on the services sector fell to an 8-month low in April.

Neither reports spur much confidence ahead of the government's widely anticipated report on April payrolls, due Friday.

"People might be slightly more nervous about the economic outlook," said Sireen Harajli, an associate economist at Credit Agricole in New York. "There's a shadow of uncertainty going forward." [Source: cnnmoney.com]

Market Reflections - Wednesday, 4th May, 2011

A clear slowing in ADP's jobs count and an abrupt slowing in non-manufacturing activity sent the Dow down nearly 3/4 of a percentage point to just under 12,725. ADP's count, together with high levels of initial jobless claims, point to the unwelcome risk of a weak jobs report on Friday. Job indications in the ISM's non-manufacturing report also point to a slowdown for payroll growth during April, as well as to deep slowing for new orders and output. Energy and metals prices slipped on the weak demand with oil down $3 to $108 and gold down $20 to $1,520. Rates and the dollar were little changed. [Source: bloomberg.com]

Market Focus in the US this evening

Another upward surprise for initial claims really would quiet the bulls ahead of Friday's jobs report. [Source: bloomberg.com]
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The DJIA Index finished the last trading session: Down 83.93 points; and
The SPI Futures are currently: Down 22 points atm.
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Of note in the US this evening:

Ben Bernanke speaks [ Market moving indicator]
[Federal Reserve Chairman - Speech to the Chicago Fed's Annual Conference on Bank Structure and Competition in Chicago.]

BOE Announcement [ Market moving indicator]

ECB Announcement [ Market moving indicator]

Jobless Claims [ Market moving indicator]

Productivity and Costs [ Merits extra attention]

Narayana Kocherlakota speaks
[Minneapolis Federal Reserve Bank President - Speech on contingent planning for monetary policy in Santa Barbara, California.]

...AND...

Of note in Australia today:

Retail Sales s.a. (MoM) (Mar) [ Merits extra attention]
[The Retail Sales released by the Australian Bureau of Statistics is a survey of goods sold by retailers is based on a sampling of retail stores of different types and sizes and it''s considered as an indicator of the pace of the Australian economy. It shows the performance of the retail sector over the short and mid-term. Positive economic growth anticipates bullish trends for the AUD, while a low reading is seen as negative or bearish.]

Building Permits (MoM) (YoY) (Mar)
[The Building Permits released by the Australian Bureau of Statistics shows the number of permits for new construction projects. It implies the movement of corporate investments (the Australian economic development). It tends to cause some volatility to the AUD. The more growing number of permits, the more positive (or bullish) for the AUD.]

...AND...

Of note elsewhere today/this evening:

European Monetary Union - ECB Interest Rate Decision (May 5) [ Market moving indicator]

European Monetary Union - ECB Trichet's Speech [ Market moving indicator]

United Kingdom - BoE Interest Rate Decision (May 5) [ Market moving indicator]

[Sources used: bloomberg.com; dailyfx.com; fxstreet.com; nasdaq.com]

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Gold is currently trading Down $0.10 & is sitting at US$1,516.40/oz atm [Source: Kitco]
Oil is currently trading Down $0.54 & is sitting at US$108.70/bbl atm [Source: Bloomberg]
The Dollar: The AUD is currently trading @ $1.0748c against the US Dollar [Source: Forex. Live]
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Have a great day trading today all.

Cheers, Tweets

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