HERE COMES JOBLESS CLAIMS...

Weekly jobless claims will be released at 8:30 a.m.

Consensus is for 320,00, down from 329,000.

The consensus seems to be that yesterday's abysmal Q1 GDP figure was a blip. "Among the indicators suggesting much more strength than Q1 GDP is the ADP series; it was reported up a healthy 220K in April," HFE's Jim O'Sullivan writes in a note this morning. "We still forecast a 3.5% pace for real GDP in Q2. We also forecast a 185K rise in payrolls in the BLS report on Friday, a little below the 215K consensus but a solid number after allowing for the tendency recently for upward revisions to initially reported data."

Here's what the moving average has looked like recently.