Conditions in US non-manufacturing sector – which accounts for approximately 70 percent of total economic activity in the country and includes retail, services, and finance – are anticipated to remain contractionary in April, as the Institute for Supply Management index is estimated to fall to 49.5 from 49.6.

Throughout this past week, there have been a number of upside surprises in the US releases including Friday's non-farm payrolls report, first quarter GDP, Chicago PMI, and manufacturing ISM.

There is some anecdotal evidence that points to continued aggression by the Fed.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for May 2.

Lending money below the inflation rate, giving out money you don’t have, when you are already so deep in debt you will never get out -- how could any of this be good for the real economy?

On Friday, US non-farm payroll figures will be reported and are anticipated to point towards recessionary conditions in the US economy, despite the positive Q1 GDP reading.

The Federal Reserve cut interest rates by 25bp yesterday and hinted that they will pause when they meet again in June. In response to this shift, the market immediately priced in an 85 percent chance that interest rates will be left at 2 percent at the next two monetary policy meetings.

The US dollar has strengthened across the board today ahead of Friday's non-farm payrolls release. This may befuddle some traders as the greenback's price action conflicts with the higher jobless claims report and the deterioration in the employment component of manufacturing ISM.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for May 1.

The longer the correction is delayed, the more we live in darkness and error, and the more it costs to fix things.