Traders I talk to are fond of mentioning this new market phenomenon that's been in place over the last several weeks where we sell off on Mondays and then begin a rebound in the middle of the week to finish at new closing highs. The typical Turnaround Tuesday didn't happen yesterday (for obvious reasons) but a pretty good ADP Private Payrolls number for October has at least set the table for a positive tone so far this morning...
Private-sector jobs in the U.S. rose by 110,000 last month, according to a national employment report published by payroll giant Automatic Data Processing Inc. and consultancy Macroeconomic Advisers.
Economists surveyed by Dow Jones Newswires had expected ADP would report an October increase of 100,000. The September data were revised to show a rise of 116,000 versus 91,000 reported a month ago.
I'm not holding my breath for a new high this week or anything, but when you see constructive responsiveness like this in the tape, it makes you wonder what our condition would be if not for the Default Olympics happening over in Europe.
FOMC on tap for this afternoon followed by the Bernanke press conference. We also get a look at the real October Jobs report from the BLS this Friday. God help us.