BMO - ES -6.00 and NQ -10.50 are lower in pre-market trading following non-farm payrolls increase of only 39,000, lower than the expected 140,000 estimate, and point to a lower open...the unemployment rate increased to 9.8%...
While this date is lower than expected it is economically positive, not negative...while it may create a short term sell off from an hour or two up to a day or two, it is a very low probability that it will reverse the intermediate term up trend...Follow your rules and trade accordingly...
TLT is up 66 cents and the Euro is up 126 pips...
Watch the S1, S2 and S3 level of Thursday's large white candle for potential short term support as the level where a short term pull back may reverse back into the direction of the up trend...
SPX
Resistance: 1,200, 1,209, 1,220
Support: 1,190, 1,182, 1,170Trading Down - CMG, PCLN, WLT, CRM, FFIV, CF, GS, SLB, VMW, WHR, CLF, AKAM, FCX, LVS, CSTR, FDX, RVBD, URE, DE, CAT, CREE, MA, ARUN, CHL, AGU, PNC, FAS, V, SKX, SINA, TBT, NETL, POT, NYX, SNDK, NDAQ, INFA, UAL, SWN, DHR, GOOG, AMZN, AAPL, JOYG, ISRG, WYNN, SHLD, BIDU, FSLR, MICC, RIMM, BRCM, CTSH, GRMN, LRCX, MRVL, SBUX, XRAY, QCOM, EBAY, ADP, SNDK, GILD, FWLT, EXPE
Trading Up - NFLX, DECK, TLT, FAZ
3 comments:
Dave, Always appreciate your insight. Thank-you for all of the time you spend helping us become better traders.
Good morning DAVE! Thanks for the positive view of the 9.8% unemployment number. My first reaction was just the opposite. Before the report the futures seemed to be up, then after the numbers the futures seemed to be down. At this moment, as you report in your overview, they already seem to have popped up again. You have supernatural vision! I guess I can't decide whether to follow the trend or follow the news. I guess I better keep following DAVE. Thanks for sharing and all that you do. Judy
Thank you..Great info to take into today and Year End..I see it developing and have your session last night as further ammunition!
B.Hesker
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