The first big story of the morning is that the European Central Bank held interest rates unchanged.

Monetary policy decisions

2 June 2016

At today’s meeting, which was held in Vienna, the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively.

Regarding non-standard monetary policy measures, on 8 June the Eurosystem will start making purchases under its corporate sector purchase programme (CSPP). Moreover, starting on 22 June, it will conduct the first operation in its new series of targeted longer-term refinancing operations. Further information on implementation aspects of the CSPP will be released after the press conference on the ECB’s website.”

All of this left the US futures about even.

The next big question is what the US Federal Reserve will do when they meet in less than two weeks.

In the meantime, we don’t expect the markets to really take off like a rocket, although we are poised to head higher and on any weakness, I will likely exit my present short position.

Great Jobs Data

Next up from the Breakfast Specials is the Challenger Job Cuts report. Cue the PR dept:

The number of job cuts announced by U.S.-based employers fell sharply in May, with a total of 30,157 planned workforce reductions recorded during the month, according to the latest report released Thursday from global outplacement consultancy Challenger, Gray & Christmas, Inc.

The May total was 53 percent lower than the 64,141 job cuts announced in April. It represents the lowest monthly total since last December, when 23,622 job cuts were recorded.

Last month saw 27 percent fewer cuts than the same month a year ago, when employers reported plans to shed 41,034 workers from their payrolls.

To date, employers have announced 275,218* job cuts in 2016, 13 percent more than the 242,830 job cuts announced during the first five months of 2015.

So with all this, look for the market to back and fill and look for some other reason to stampede up, or down.  Dow futures were down a fraction and short of a disaster in the Federal numbers tomorrow, looking like it might be time to get long for the blow off rally.

Thanks to the reader who said the MSM is starting to echo our blow-off top forecast.  Gosh, and only a year after we started looking at the possibility…hell, they’re catching up!

Politics – Useless as Always

Headlines only:

Trump’s personal, racially tinged attacks on federal judge alarm legal experts.” Or, is Trump maybe talking about this? “Judge Presiding Over Trump University Case Is Member Of La Raza Lawyers Group…” La Raza means the race, so I’m not sure why a judge would belong to what sounds like a racially-oriented group…and not recusing.

President Barack Obama Backs Expanding Social Security.

Hillary Clinton has $42 million in the bank

A year ago, I told you she would effectively buy the office. So far, that has yet to be proven wrong.

Yes, I hate being right.

OK, off to another eye appointment…more tomorrow.