In any case, the number was a disaster, as I said last night, the news isn't going to get any better, things are accelerating now. On the flip side of the coin, ADP has not been known for the most accurate data.
As for the market, the NY Feds job and Wall Street's is to try to get everyone to shrug it off until they get where they are going.
To that end... the 3 charts below are not what I would call positive divergences, but they also have not fallen in line with price, which is to say 3C is a bit higher then it should be at this point. I'll keep you updated on any changes, right now the retail crowd is pushing the market, that should let up by 11 a.m. and we'll see what Wall Street has to say. By the way, the dollar is lower, this is an ADP event.
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