s were a series of hit and miss around the continent, but the overall came out positive as Germany which some may argue is the only important manufacturing PMI, had a better print than expected.
I doubt it was really about PMIs, but ES did gain 8 points from the Friday 4 p.m. print. I don't see anything much different going on here than what I expected last week and specifically on Friday in the last couple of posts, specifically this one that even came with a neat little drawing of market expectations, if you find the drawing you'll see today and it's up, but in the "Chop".
What is kind of interesting is it doesn't look like any of the Carry trades could have taken the market anywhere positive, the CONTEXT SPF futures model went from +10 (Friday) to -4 now which means it's right in the zone we expected,
but most importantly...
The QE sensitive assets (although many not open or open for long in overnight trade) haven't moved or at least not in a "taper on way", unlike Friday.
No I don't think this is PMIs at all, I think this is exactly what we expected for whatever somewhat seemingly random reason. I doubt it holds too far outside the chop zone.
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