Market Breakout Ahead of Fed

The market staged a relief rally to a new all-time high after the election. Today it wants dovish Fed comments.

PRE-OPEN MARKET COMMENTS THURSDAY - I'm going to keep this brief. The economic data has been solid. One bad jobs report is not a trend. The storms have passed and the strikes are over. Yes, the job scene is softening a little, but GDP and other data points have been solid. The election overshadowed a very strong ISM Services reading (56.0). The little "soft patch" in jobs will prompt the Fed to cut rates. That is bullish for the market. Earnings have been excellent and the market is in a period of seasonal strength. Technically, the market broke out to a new all-time high after digesting gains for a quarter. The bid has had time to build.

Daily Bulletin Continues...