Morning folks. The jobs number was pretty much too be expected. Nothing was a big surprise in it so far. I havent studied it word for word but at a quick glance..it stunk and we knew that was coming. There was a slight jump in the private payrolls which was teh number that everyone was looking at. In the end Im not sure how that will affect the market as a terrible number would have gotten the QE folks goosed about more fed intervention in the markets. So its all a guess at this point. These type of days due to tend to have one reversal in it somewhere so be wary of that.
Nothing too odd on the SPX. After an initial big thrust to see some backing and filling is typical. Often a retest or 2 of the orginal breakout point is very healthy (if it holds) . Main red flag im seing now is that we are getting a bit overbought even after a couple days of sideways moves. This lowers the probability of strong swingtrades unless we get a bit of a dip or another couple days of sideways movement to work off the condition. So be careful of adding any big swings unless you are willing to get $spex ‘d . but i will be still trading as there will be movement I will just focus more on daytrades for next couple days
couple things to remember about jobs reports days
market doesnt like big big surprises (we didnt get one)
On days that we get a positive surprise…we tend to gap up then see people sell into the strength
Days we get a negative surprise …..if we gap down there are often many who buy into the weakness and get a nice present by the end of the day.
Im not even sure which one todays report falls into as it was a bit worse than expected but the private payrolls number was better.
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many of the stocks from this pasts weeks watchlist are still valid so go back throug them. there are tons
here are some new additons
keep an eye on $cbak and $iflg too both seem like they can rip anyday now.
