With little progress on efforts to bring about a ceasefire in the Middle East and disagreement among G8 leaders in St. Petersburg about diplomatic initiatives, we may see a return to the October lows before the end of the week.
Growing uneasiness about the situation in the Middle East is unsettling European markets, so Clive Corcoran would not be surprised to see a retreat in the S&P towards 1240 during today's session.
The release of the employment data on Friday appeared to provide confusing cross currents for traders. While job growth was weaker than expected which tends to support the Fed is almost done view, there were elements in the report relating to wage inflation and capacity constraints that could prolong the tightening.
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