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Squawk Morning Briefing: Plenty of News to Digest

Wednesday’s surprisingly bullish ADP numbers seemed to be a follow-on to last weeks surprise improvement in Jobless claims.  While this week’s data showed an increase in claims and last week’s figures were revised up slightly, it’s unclear that they support the job strength hinted at by ADP numbers.   So with this week’s figures roughly in-line and not displaying the same strongly bullish message implied by ADP futures are giving up some of their overnight gains and we’re left to wait for the BLS to resolve some of the uncertainty tomorrow.

At 9:00am ET we also get treasury funding announcements.  In a year where we’re expecting record debt issuance this could be an important event.

All of this uncertainty makes it doubly important to look for confirmation signals even though we appear to be near a major turning point in equities.  Markets are at extremes but news and sentiment can keep them there for some time.  So even as we look to likely turning points we want to see markets commit to them before we commit to markets for anything longer than a short-term trade or hedged position.

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