sp'60min
Summary
*monthly jobless:162k gains, 7.4%. pretty lame figures, but only a touch under what the market was expecting.
--
I have to say, with the daily charts as they are, I'm inclined to wait another few days before I get involved on the short side.
Certainly, I won't feel comfortably shorting anywhere <1720, and a few out there are suggesting 1740/60s..although I find >1730 unlikely..even given another 2-3 weeks.
-
8.33am...Metals are seeing the strongest reaction, Gold claws back $18 in seconds, and Silver swings 45 cents, to go +15 cents net.
Indexes are a touch cooler, sp-3pts, but thats noise....we'll probably close slightly higher.
--
Finally, someone whacks the permabull....
Welcome to the 'new economy' a pretty weak 162k job gains...and the rate drops to 7.4%
-
UPDATE 8.53am.. sp -5pts.. but the real action remains in the precious metals.
Gold is now +$7, with Silver +60 cents - a swing of 90 cents from just 24mins ago!
If those gains hold...that'll make for some rather impressive gains on the jobs news.