Friday, May 2, 2014

One day a trend does not make...especially when that one day is Job's Friday

Exactly as the title implies, I wanted to just note a few things:

a)  Reaction to an unbelievable unemployment rate (And when I say unbelievable, i mean NO ONE is buying this BS) in the stock market is non-existent Dow down 18, SPX up 28 cents, NASDAQ up 5 at the time of writing this.

b) The metals and the miners are having a very nice day, but as I said this really amounts to nothing.  This COULD spark some momentum to get things moving from here, that remains to be seen, but as we stand it's meaningless.  The only meaningful thing that can be gathered is that customary move lower in the days leading to the Job's report has been very muted, and with this rally coming after,
 it MAY mean downside pressure has been exhausted.  Let's watch carefully, we should see a break one way or another very soon.

Some charts...

-Jonathan M Mergott

No comments:

Post a Comment