Before the Open (Aug 3)

Posted on by Jason Leavitt

Good morning. Happy Friday. Happy Employment Numbers Day.
The Asian/Pacific markets closed mixed. Australia, Japan and South Korea dropped 1.1%; China moved up 1%. Europe is up across the board. Austria, France and Germany are up 2% or more, and Amsterdam, Norway, Stockholm and London are up 1% or more. Futures here in the States point towards a big gap up open for the cash market. These numbers are pre-employment.

The dollar is down. Oil and copper are up. Gold and silver are up.
Here are the numbers…
unemployment rate: 8.3% (it was 8.2% last month)
nonfarm payrolls: up 163K
private payrolls: (will post when I get the number)
average workweek: 34.5 hours (same as last month)
hourly earnings: $23.52 (up 2 cents)
On the news, the futures added to their premarket gains. The S&P is set to recapture its losses from the previous two days and is only 5 points below last Friday’s close. Fun stuff. Last week the market sucked for three days and then exploded. This week the market has sucked all week and is now set to explode again. This is all good for day trading because we’re getting plenty of intraday movement, but it’s not good for swing trading…way too many sudden reversals!
The S&P has been down 8 of the last 10 days and 15 of the last 22 yet at today’s open it’ll be up relative to two and four weeks ago. Preserve captial. This is not a time to be aggressive. There is no clear trend, and news from Europe, which has the ability to push the market quickly in one direction or the other, is not consistent. More after the open.
headlines at Yahoo Finance
headlines at MarketWatch
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers

0 thoughts on “Before the Open (Aug 3)”

  3. Look again the NFP is plugged with 375K seasonal, hours fell and pay was same. This is a phoney report. The futures are all or mostly due to EU events: Spain decided it needs to
    bail out banks, gave a bid to Euro and bonds.
    Still need to cautious, the market has little to drive it up.

    1. well duh. the numbers are phoney, and the buying is the fed and short covering
      all the world leaders have already told you markets will be supported
      do you guys think everything about our government is above board?
      let me clue ya in. the fed is runnin the show

  4. its all propoganda and rumour used by the big boy insto market makers to get the weekly opts to where they want
    look at the vix
    closed my obease bull and will wait for my teddy bear to appear

  5. europe and the euro control usa till high noon
    then garry cooper of the wild west takes over the usa currency centers from europe
    because im selfish i would like to see a outside reversal day,but i will take what comes

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