Why do the markets react before the release of the data at 9:59 instead of 10:00? Are there some guys know the data before the public?
Of course. Many, such as Bush and Greenspan, receive gov. numbers the night before. Who handles that piece of paper they receive? I'm sure leaks are even greater with non-gov numbers. Wally
Same reason whenever price rises or falls before a report: there are enough people willing to bet that there will be a breakout that they'll take a position in the dark.
Depends on the trader and what he knows about probability. Today, for example, both the ES and NQ bounced off a pivot level which coincided with Friday afternoon's high (which may also have been a last reaction high), so the report was probably irrelevant to anybody buying that bounce. Traders seeing the price rise and who don't follow S/R may have thought something was up and jumped onboard. The ISM number itself is not usually a big market-mover.