The January ADP print missed as we expected, printing at 175K vs the expected 185K, while the December 238K was revised lower to 227K, confirming that ADP is nothing but an NDP trend follower and an absolutely worthless and meaningless data point that does nothing to add relevant data to the economic picture.
Meanwhile, the Dow futures are now negative and gold has risen $13.60 in twenty minutes.
David DeGerolamo
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