September S&P E-mini Futures: Today's range estimate is 1092-1108. The ES is headed for 1140 and higher

QQQQ: Headed for 47.50.

It’s like attending a bingo session. All eyes will be down waiting for the highly anticipated employment print this morning. Will this week’s ADP report translate into a much weaker jobs number? Will the stubbornly elevated weekly claims push the unemployment rate up two ticks? Will analyst’s consensus of a headline loss of -100k jobs and no growth in the private sector provide us with a non-event as we head into the ‘labor’ weekend? Expect liquidity to be thin as many New Yorkers skip out of town averting the storm ahead of the holiday. It’s another crap-shoot.

Better industrial data out of China and the surprising ISM print in the US has every, already confused trader, becoming ‘more lost’ in whatever convictions they have left. At least we have the NFP crap-shoot still to come, that is bound to surprise. We may give up all we have gained in a heart beat this week and we would be none the wiser! Interpreting trading strategies is like a new form of ‘ping-pong’, back and forth with risk appetite. This morning the EUR remains king and has managed to extend its gains in the wake of a well received French and Spanish auctions.

Month end flow beats logic, even option expiries and market fix’s beat logic. Yesterday’s stronger US data wilted in its glory as individuals eager to accumulate EUR’s waited in the wings. Stronger manufacturing data out of China and Australia last night is yet to convince the market to go all-in before we get to see the employment data in the US. The market is nervous and lacks conviction proven by the trading strategies being employed thus far this week. Yesterday’s Fed minutes did not exude acute dissension amongst its members to the degree the market had been expecting.

A thought occurred to me the other day as I was looking at the filings page on the IndexUniverse weekly ETF Watch. It might be interesting to create a portfolio from some of the funds that are in registration. To be clear these funds do no exist (yet) and many of the filings are so old that it is quite clear to me that, assuming they are still active filings, some of the funds will never list but I'd very probably be a buyer of the WisdomTree Chilean Peso ETF if it ever listed. For purposes of this post I won't speculate on the likelihood that any filing will become a fund.