Archived IMT (2009.06.02)

Financials lagging behind as the equity rally comes to a pause and the Dow unlikely to close above its 200-day MA (8,765) as was the case with the S&P500 yesterday. Perhaps markets are scaling down positions ahead of tomorrows US ADP report on private payrolls (exp -530K from -491K) and Fridays US payrolls (exp -530K from -539K). The unemployment is expected to break towards 9.2% from 8.9%. The same negative forecasts are expected for Canadian jobs (exp -42.5K from +25.8K and unemp rate seen at 8.3% from 8.0%). Short yen positions seen curtailed ahead as Asian is expected to take profits in the Wed session.