After starting the session facing geopolitical headwinds, and disappointment from the ADP jobs report, the market was drifting and looked vulnerable.  Then, back-back good news on the service economy and crude oil demand put the brakes on, but it hasn’t been enough to turn the market completely around.  The street was looking for a drawdown of 2.3 million for crude and 1.1 million for gasoline. Both were much deeper.

The way things stand now, it all rest on jobs report tomorrow.  Consensus was already drifting lower.  Of course, the lower bar is good news.  But, I would still like to see a big beat as I do not subscribe to the notion the country is currently at full employment.

There is no panic, but it’s clear the market needs a catalyst(s).