Squawk Morning Briefing: Full Bouquet of News

Tomorrow’s BLS number isn’t the only game in town.   This morning’s claims data and labor productivity data add to the overall jobs picture.   After the cash markets open we’ll add to the broader economic outlook with ISM manufacturing and construction spending.

We expect that the ISM number will be closely watched.   Regional Fed data suggests significant weakness, but yesterday’s Chicago PMI wasn’t quite as dire.   ISM will give us one of the broadest pictures of manufacturing activity, but with the likely predictors mixed, we need to see the number.  The Euro zone countries reported PMI numbers overnight, as did Great Britain.   They both showed manufacturing contraction — another reason why today’s domestic numbers may be closely watched.   Be prepared for volatility around 10:00 and, as always, it’s the reaction that matters the most.

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Elliott Squawk delivers thorough market preparation every morning in time to take action during the trading day. By combining up-to-the-minute futures activity with traditional end-of-day analysis from cash indices, you receive analysis based on the latest conditions as the trading day sets to open. Each issue of Elliott Squawk goes beyond traditional Elliott Wave analysis because we recognize that trading Elliott Waves is much more than just looking at the most likely current count. Squawk will prepare traders to assess the market action as it unfolds by answering questions that any Elliott Wave trader should consider:

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