Market players jostled for position in front of what should be an eventful day of news on Thursday. News hasn't had much of an impact on the market lately, so it will be interesting to see if it's different this time.
A written statement from former FBI Director James Comey removed some of the potential surprise as there was no "smoking gun" to justify a claim against President Trump for obstruction of justice. Of course, many Trump critics didn't see it that way, but the market seemed to be relieved that this wasn't another Watergate.
Tomorrow morning we will have some comments from European Central Bank President Mario Draghi. There has been slowing in both the economy and inflation in Europe, so the tone is likely to be quite dovish. Whether the market cares is the issue, and at this point the default response of the market is to respond positively to central banks.
The Comey testimony follows later in the morning, and while it will be given much attention, it isn't likely to be much of a market mover unless there is some totally new development. There should be plenty of political posturing, but the market has been indifferent to that.
Later in the day we should start to see some exit polling from the U.K. The market has not seemed at all concerned about that election. Given how it has shrugged off both Brexit and the Trump victory, it wouldn't be surprising to see another rally on an election regardless of the outcome.
A failure to react in a positive manner to these news events will be a change in market character, but if there are any dips we should be looking for dip buyers to jump in fast.
The market hasn't cared about much at all lately and I don't expect a big jump in volatility tomorrow. It would be nice from a trading standpoint if we had some strong reactions, but the computers never let that fully develop these days.
Have a good evening. I'll see you tomorrow