Economic Journal - Wednesday, 4/3/2013

The ADP jobs report disappointed investors this morning.  Though often an unreliable indicator, nonetheless, it was enough to throw water on what has been a significant rally thus far in 2013.  We are due for a round of profit taking and it would not be unusual to see the market correct on even slightly negative news.  Oil and gold are down a small amount, while interest rates are holding steady. The US dollar is down across the board so we are not looking at a ‘risk off’ scenario but a mild reaction to the employment report.  International financial news is quiet today.  Expect a down day as investors contemplate heady levels and record market closes and become nervous.