ADP

– ADP Reaction – Bonds & Bullion Surge As Dead-Cat-Bounce Stock Bulls Purge (ZeroHedge, Feb 5, 2014):

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Precious metals had begun to jump higher before the ADP data hit but once it did – and disappointed – gold and silver spiked (over $1,270 and $20 respectively). Equity markets kneejerk reaction was a spike higher which immediately faded into a crash to recent lows. Dow futures are testing 2014 lows – as are S&P 500 futures. 10Y Treasury yields touched 2.60%; Nikkei futures are once again testing 14,000 as USDJPY breaks below 101.

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– ADP Plunges In January To 175K; Biggest Miss Since August; December Revised Lower: “Cold, Storms” Blamed (ZeroHedge, Feb 5, 2014):

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And sure enough, 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.

For those who care, this was the biggest miss since August and the largest monthly drop since August 2012, and the weakest print since August as well.

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