It was another sloppy day for the market on Tuesday that saw the Dow Jones Industrial Average down 29.58, NASDAQ -15.25, and the S&P 500 -15.25. The only sector not to finish lower was technology, which finished the session unchanged.

Interestingly, this was the 101st trading session where the S&P 500 didn’t decline more than one percentage point.  That is an extraordinary resolve for the market, but it is clear stocks are seeking a catalyst for the next move higher.

Yesterday was the first time President Trump verbally promised a massive tax cut (perhaps bigger than Reagan’s), and the market didn’t have a Pavlovian reaction (it was mentioned very late in the session).  Indecision should begin to ease with the release of the ADP jobs report this morning; of course, when the market opens on Friday, the rally will be ready to lift into its next orbit or yield gains if the jobs report is subpar.

Today’s Session

The ADP report just blew the cover off the ball coming in at 298,000 against consensus estimate of 188,000.   The great part of the report is men are going back to work.  Goods producing jobs increased 106,000, the highest ever for the ADP report driven by:

• Mining +8,000
• Construction +66,000
• Manufacturing +32,000

We are combing through the numbers and will have more on the afternoon note, but this is HUGE!