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On Wednesday, the Fast Money pros took a hard look at the latest market catalysts and whether they signaled it’s time to play defense.One day after the Dow traded up to a 4-year high, it slipped after the latest overseas headlines renewed concerns about the region's fiscal health.New economic data showed euro zone factories sank further into decline last month, with the downturn hitting Italy and Spain hard and appearing to now manifest in France and Germany.
“Now it becomes very important to hear what the ECB has to say later this week,” explains trader Steve Cortes. “Chatter suggests they will do more accommodation. If that’s the case, I expect the euro to trade much lower.”Domestic economic data was much better.A report by payrolls processor Automatic Data Processing showed U.S. private employers added 119,000 jobs in April, well short of expectations.Adding to the negative tone, new orders for U.S. factory goods in March recorded their biggest decline in three years, even though the numbers came in slightly above expectations.How should you position?
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