BMO – ES -18.00 and NQ -27.00 futures are lower about 20 minutes before the open in pre-market trading and point to a higher lower open on Friday…volume is heavy for pre-market with many more stocks quoting down than down…Financial stocks, XLF is quoting down 23 cents on just 715,700 volume in pre-market…
The U.S. Jobs report showed a worse than expected 18,000 non-farms jobs created with expectations of 90,000…April and May payrolls were revised showing 44,000 fewer jobs created than previously reported…Unemployment rose to 9.2 percent…
Once everyone realizes that jobs showed gains albeit at a much slower than expected pace…we will see if the initial reaction reverses or the intermediate term sideways trend begins to move towards support…
TLT is up $1.06 and the Euro is down 31 pips in premarket trading…
Quoting Up – FAZ, TLT, WTW, SWK, FWLT, SHLD, SIAL
NDX leader AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are quoting lower in pre-market trading…
Earnings season starts next Monday, July 11…
Dave’s Insight for Friday: Be aware that gaps often retrace some of the gap beginning typically during the first 60 minutes of trading…Follow your rules for exits and stops…Look to see if a break below the low of the high day which is Thursday on many charts occurs…Watch XLF as a key factor for to see if buyers step in…
SPX
Resistance: 1,359, 1,370
Support: 1,344, 1,330, 1,321
Quoting Down – CMG, CRM, CF, DECK, FFIV, SINA, HUM, CAT, WLT, CLF, SLB, GES, DE, SOHU, URE, VMW, CAM, GS, MHS, TPX, NKE, AGU, CREE, RVBD, GMCR, ANF, V, UCO, ANR, TIF, HUM, FCX, MOS, FCX, X, FAS,HLF, VECO, GOOG, PCLN, NFLX, AAPL, BIDU, ISRG, AMZN, FFIV, FSLR, WYNN, JOYG, INFY, NTAP, CTXS, VMED
4 comments:
Dave: Thanks for your continued mentorship in helping the independent investor navigate the market. I have been "seeing it your way". Recently nice gain on WYNN to price target. Exit and re-entry on horizontal resistance breakout. Gains continuing. Would have missed these principles without your guidance. Grateful is an understatement. Thanks Bob Pinnow "The cop on the beat".
Market down today from new information today, but Monday starts earnings. Could stablilize today's slide ... and leading into Monday. In fact, yesterday's gap was on new information and today's gap down was on new conflicting information.
Steven R.
Dave,
At 12:15 Eastern, the VIX does not appear to be making a strong move up when compared to the SPX strong move down. Is this correct? Is this meaningful?
We enter the Drool Zone.
Have a good weekend.
Don
Very Interesting that Thursday's positive ADP report gapped the SPX up and today's Employment Report brought the SPX right back to where we were at the close on Wednesday. In blackjack, we call that a "push". With earnings starting Monday, positive earnings could start us right back up again.
Steven R.
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