Thursday: Draghi Disappoints, Consumer Confidence Disconnected – Market Up?

Both the ECB and the BOE left their rates unchanged (because Europe is fine, I guess) but we're still waiting for Draghi (8:05) to explain himself.  Yesterday's Fed Beige Book indicated the US is still in a SLOW but steady recovery and we're waiting for Unemployment at 8:30 and Consumer Comfort at 9:45 but it's all about the Non-Farm Payrolls Tomorrow morning (8:30) as the key data-point for the week.  

Unfortunately, according to the WSJ, at our present rate of job growth, it will take the US more than a decade to get back to "full employment," which is 4.5% Unemployment.  Of course, the WSJ does need to be reminded that, at the Bush rate of job losses, no one in the country would have had a job by the end of the decade so, despite their concerns – we are a bit better off than we were 5 years ago.  Slow and steady does indeed win the race, especially when the alternative is plunging headlong into the depths of Economic Hell…

Speaking of plunging – as you can see from our Big Chart, we're hitting our predicted pullback targets (the 50 dmas) already so of course we expect a little bouncing action.  As I noted to our Members yesterday, we expect at least weak bounce levels to be made on our indexes and those are (see original comment for details):

IN PROGRESS