It's hump day but we might as well call it "More Mixed Data Day." If you follow my blog you know that we have had lots of mixed data and the focus is on different things on different days for investors. Today, the ISM non-manufacturing (it's really about services) index beat expectations slightly with a reading of 56.9 vs. expected of 56.5. ADP Private Payrolls came in at 212K vs. estimates of 220K. This is giving a bit of a bid to bonds but of the four employment-oriented data releases this week, this one is the weakest. There's no fancy charts this morning since I'm travelling and only have my small laptop which doesn't allow me to take big enough screen shots.
The FNMA benchmark bond is 20 basis points off its morning lows and 19 basis points below the morning highs with an uptrend over the last 2 hours and 10 minutes. Tomorrow brings us initial jobless claims along with a few other data points and the ECB (European Central Bank) policy statement. Friday brings the non-farm payrolls, unemployment rate and a couple of other things. Make today great.
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