Good morning. Ahead of the monthly jobs data, futures are flat, the sp' is set to open @ 1622. Hourly index and VIX charts are suggestive of further equity upside into the Friday close, if that is the case, then the daily charts will also show a turn back upward by the end of today.
Well..lets see what the latest jobs data is..
Net gains: 175k vs 167k exp.
monthly rate: 7.6%, +0.1%
Those numbers are arguably 'acceptable' to Mr Market.
Certainly, they are NOT high enough merit tapering, never mind that the underlying headline rate actually went UP 0.1%.
Indexes higher on the news... Dow +50pts.
Sp' now set to open 1627/28
UPDATE 8.55am... sp +8/10pts...looks like we could be opening in the low 1630s.
There is the 'small' potencial the current bounce is a minor wave'4, and we'll see a further drop on Monday - although not necessarily <1598.
In any case, I seek to exit longs at the open.