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.

A day when buyers took over the reins and didn't look back all the way to the market close. The only speed wobble was the light volume in the markets for an almost 3% gain on the day. For the S&P there was even a nascent 'buy' signal in the CCI.

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Investors continue to test the Fed’s resolve. Is helicopter Ben overly optimistic on his economic outlook? And if so, what is he going to do about it? Yesterday’s equity and bonds reaction is telling us that there is little he can do if policy makers have got it wrong. The Fed, similar to the BOJ is entering ‘no-mans land’. Markets are turning their back on Shirakawa’s emergency lending facility expansion. Even direct yen intervention is futile without the ECB and Fed’s complimentary actions. This week focus on the details.

The FOMC is prepared to provide additional monetary accommodation through unconventional measures if it proves necessary, especially if the outlook were to deteriorate significantly. ‘Significantly’ is so subjective when you own a depreciating asset like a house, mortgaged to the hilt and are still unemployed. Let’s hope whatever Bernanke and Co. have up their sleeve will have more of an market impact that the BOJ’s foray in easing monetary policy over night.

The market should be down today.  Poor GDP numbers, talk of deflation from Ben Bernanke and a big earnings miss from Intel should all spell doom for the market.  However at this moment the major equity indices are all up 1%+.  Why?  The answer is pretty simple.  Sentiment.