"The Lord is my light and my salvation –
whom shall I fear?
The Lord is the refuge of my life –
of whom shall I be afraid?" Psalm 27
“Imaginary evil is romantic and varied; real evil is gloomy, monotonous, barren, boring. Imaginary good is boring; real good is always new, marvelous, intoxicating. Everything beautiful has a mark of eternity.”
Simone Weil
The markets were shocked this morning by a much better than expected ADP private payrolls jobs added report
The implication was that the Non-Farm Payrolls number tomorrow would also be much better, and thereby put pressure on the Fed to taper from its easy money policy much soooner than expected.
There were losses across the board in equities.
But, to the rescue, President Biden suggested that he would shift from his 28% corporate tax rate to a 15% floor, or a minimum tax. He is attempting to placate the GOP.
But gold and silver would only recover a bit of their losses, still showing red into the close.
I had noticed that JP Morgan had dumped 7,000 June gold contracts from their house account earlier this week.
One can only wonder.
The Dollar retained much of its gain.
Non-Farm Payrolls tomorrow.
Let's see where its latest estimation of the jobs meme might be. It is hard to predict all things considered.
'Adjustments' abound.
Keep an eye out for the average hourly wage, remembering that this is hardly an average recovery.
Have a pleasant evening.
