Good morning. Happy Friday.
The Asian/Pacific markets closed mostly up – there were several 1% winners. Europe is currently mostly down – losses are small. With about 20 minutes to go until the employment numbers are released, futures here in the States are down a couple points.
Here are the employment numbers:
unemployment rate: 9.6% (third straight month)
nonfarm payrolls: up 151K
private payrolls: up 159K
average workweek: up 6 minutes to 34.3 hours
hourly earnings: up 0.2%
After the numbers were released, futures jumped, and assuming they hold, we’ll have an open above yesterday’s close.
The market busted out in a big way yesterday. There was no attempt to fill the opening gap up. When looking at the last couple months, the market could not be stronger. But when you back the charts up, all the market has done the last two months is retrace its losses from April, May and June, and I could still argue the market is still range bound going back to Sept 2009.
Here’s the SPX 30 min chart I’ve been posting the last week. Looks pretty bullish to me. 🙂
Are we gonna have another “gap and go” day? I could not argue with you if you wanted to take a few bucks off the table, but I have no idea why the bears continue trying to pick tops. The big money is made riding the big trends, and since we don’t always have a big trend to ride, when we do get one, it’d be wise to ride if for everything it’s worth. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers
0 thoughts on “Before the Open (Nov 5)”
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To My Dear Friend Neal: I want to say good-bye to you for now.
Oh, no…I’m not going anywhere. It’s just that you said that
when the Dow hits 12000 you are going to stop posting comments.
Well, the market has been on such a tear lately (up +16% since
September 1st), I would expect the Dow to turn 12000 any day now.
You are always welcome to visit me here in New York City and
I’ll show you things that the tourists don’t normally see:
(i.e., a drug deal going down in east harlem, a homeless person
taking a leak underneath the Brooklyn Bridge, etc.) HW!
YES US BEARS NEED SOME MONEY TOO –NEAL
to keep us interested even if its a counter trend trade
but as a daytrader counter trend trades are only a few minutes
mostly within a day there are numerous up /down trends–so can go long and short many times
price just ebbs and flows between support /res and pit trader piviots
NEAL–I AM THE MOST OBNOXIOUS,VICIOUS,FEROTIOUS,GRUESOM BEAR dressed in a bull suit
i spent many lifetimes as a pirate and a inter galactic renegrade
i am just so glad everyone is so bullish lately–it means my spoils will be great,when i take off my bull suit
if u turn usa upside down it fits into oz just perfectly,with the florida pan handle being where i come from–i live on the barrier reef in a place called townsville near cairns
from my beach side patio overlooks magnetic island—–crocodile land
does anyone read these after market closes
“I could not argue with you if you wanted to take a few bucks off the table’
I must agree. I think the market is getting ripe for some profit taking but I do not see that happening until the VIX spikes.