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Not Reading Too Much Into Late Day Reversal
Not Reading Too Much Into Late Day Reversal
Bonds rallied quickly in response to this morning's jobs report and pressed to even stronger levels by mid-day. That's the point in the day that most traders (the ones actually working) consider bonds to be "closed." You're free to do the same and count today as a win. But in the noon-2pm hour, a decent chunk of the AM gains were erased. We wouldn't read too much into those and instead view them as a facet of pre-holiday-weekend illiquidity and/or position squaring. This doesn't imply directionality in the future. It just means we have to wait for next week to get a clean read on market sentiment.
Not Reading Too Much Into Late Day Reversal
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Jul 03 | |||||
| 12:00AM | Happy 4th!! | ||||
| Monday, Jul 06 | |||||
| 9:45AM | Jun S&P Global Services PMI | Jun | 51.3 | 50.7 | |
| 9:45AM | Jun S&P Global Composite PMI | Jun | 52.2 | 51.5 | |
| 10:00AM | Jun ISM Services Employment | Jun | 47.9 | ||
| 10:00AM | Jun ISM Services New Orders | Jun | 57.3 | ||
| 10:00AM | Jun ISM Biz Activity | Jun | 57.7 | ||
| 10:00AM | Jun ISM Services Prices | Jun | 71.3 | ||
| 10:00AM | Jun ISM N-Mfg PMI | Jun | 54.2 | 54.5 | |
| 11:00AM | Fed Waller Speech | ||||
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