sp'daily5
Summary
*awaiting the jobs data, due at 8.30am EST.
What is my guess? It is always a tough number to guess, I'll go with the 150/175k zone, but really, I'd not be surprised if it is anything from 50k to...350k. It really is up to the BLS as to what they make it, not least via the 'seasonal adjustment'.
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So far this week has been one for the bulls.
sp'weekly
Unless we get a very significant Friday closing decline, we're going to close the week with some important gains.
For me, until we break under the weekly 10MA - currently 1844 (and rising), the bears have nothing to tout. Considering we have broken new historic highs on most indexes, I'm resigned to further upside across much of April, if not also early May.
Trading for Friday
I'm open to taking an index long position, but with the weekend approaching, I might just sit it out. I tend not to hold across the weekend anyway. Right now, I have no intention of any new shorts until at least sp'1950/75 zone, in May.
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As ever..updates across the day!
8.32am - Monthly net job gains: 192k, headline rate 6.7%, indexes a touch twitchy, sp +8pts
Certainly, that number is going to be more than enough to placate Mr Market.
I suppose we might still see a late drop..on a 'sell the news' event, but overall, this is no good for those looking for renewed downside.
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Notable early strength in Oil, +0.9% (good morning, UCO holders), with Gold +$10
8.47am.. sp' holding gains of 8-10pts, so..we'll be brushing the sp'1900 threshold at the open.
9.00am.. Metals and miners doing well, Gold +$12, with GDX +2%, but both remain in broader down trends.
9.10am...for those still resolutely on the short-side..this is no doubt a really annoying open. Whether we reverse...hourly MACD cycles does offer a full day of gains into Monday.
*I will NOT chase this higher, but more so..I will sure as hell NOT attempt to short.
With the new highs..shorting this market seems like a plain dumb thing to do. Even I'm beyond that level.
..time for a somewhat early lunch :)
9.45am.. ohoh, the rats are making a run for the exit!
9.50am... momo stocks getting trashed..again. Ugly opening reversal.