Morning Brief Friday May 4, 2012

Good Morning. So today is the big non farm payroll day. Expect a lot of spin, a lot of mention of Fed policy and plenty of volatility. Adding to the mix is this weekend’s French elections on Sunday.

If Mr. “Sarkozeee” does not win as it appears he will not there may be negative implications for future troika policy.┬áIn the end like most politicians the new French leader will likely cave on campaign promises and follow along though. But still there may be some de-risking into the close on Friday ahead of this weekend’s election.

Next week also begins with no major economic data being released through Wednesday and no Fed speak so it is possible a tradable trend at least for a few days may finally be able to develop. This sideways whipsaw action is difficult to say the least.

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