Thursday Outlook: Tension Will Rise into Friday's Unemployment Report

September 2, 2009





Lots of rumors swirled around trading desks yesterday regarding Wells Fargo & Co (WFC) which was acknowledged in this WSJ story today. When sellers hit the tape there may be something else in the wind getting attention. Anyway, the rumor was strongly denied but WFC still closed near yesterday’s lows.

The Jobs report from ADP was worse than expected, Factory Orders were below consensus and Fed minutes were no surprise. It’s a good formula for poor market action today.

Volume dropped substantially from yesterday’s debacle while breadth was flat to negative overall.










The McClellan Summation Index continues its rollover from much overbought levels.

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