econintersect.com
  • 토토사이트
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자
No Result
View All Result
  • 토토사이트
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자
No Result
View All Result
econintersect.com
No Result
View All Result

Markets Open Up 1% On Good Jobs Report

admin by admin
5월 3, 2013
in 미분류
0
0
SHARES
0
VIEWS

Opening Market Commentary For 05-03-2013

Sometimes you guess wrong as I thought this morning would be down. This morning premarket SPY was up +0.75% which I believe is the highest starting point this year. Yesterday I mentioned that none of the traders in the office were trading, or more accurately over night holding, just because of this wild volatility.

Markets opened up, way up, where the small caps were surging above 1% in the opening minutes followed by the DOW at +0.93%. The one gray rain cloud over this parade is that volume was not up in comparison. By the 15 minute mark the volume had fallen considerably and several heavy spurts of profit taking. By 10 am the markets had generally tested the morning highs and were poised to melt up higher but the lack of higher volume to equate to the higher averages does not bode well for the continuation of this market rise and has the smell of a fake-out rather than a breakout.

The markets jumped higher this morning primarily because of the better than expected change in US private payrolls coming in at 176K while expecting 150K. Unfortunately, the US underemployment rate (U6) rose to 13.9% from 13.8% and that tells me that the US economy is still not all that rosy and this mornings rise was a bit too much.

The 10 am the US ISM services came in at 53.1 Vs. the 54.0 EXPECTED. The factory orders fell 4.0% Vs. the -2.9% expected and the markets didn’t react.

The RRR** has been narrow at the opening bell for the past several months, over a year actually, and it has been all this way all week, like last week (and the week before it). This continuing trend makes predictions of session movements nearly impossible making trading futile and unprofitable. As of right now, it ‘appears’ to be too late to jump in to catch the highs, safely anyway. As for shorting it may be too early to start shorting, but I feel you will not have to wait much longer, especially after today.

As long as market volume remains light or the trading range is narrow, one can expect successful, or at least profitable, trading to remain elusive. The RRR** has been wider on some volatile sessions lately and is expected to become more so as 2013 enters the second quarter, unfortunately a lot of guessing remains. Correctly ‘guessing’, of course, is the tricky part of the successful trading equation lately. Any trades today will probably end up on the meager side of profitability if you are lucky as most trades have been less than optimal during the past several years.

I also have continuing issues with some pundits, writing almost every day, that there are setups for day trading. Best Stock Market Indicator Ever: Rises to 87% up From 84% and Secondaries Confirm “Tradable” This might be true, but still above 75% where I think it should be! Hard to believe and challenging to deal with considering current events. The trading range is so narrow that way too much money has to be put on the table just to get back meager gains. Do not fall into the trap of money burning a hole in your pocket, sit tight better days are coming. I keep hoping for increasing volumes to signal improved trading.

Swing trading is also at your own risk for all the reasons mentioned above although guessing overnight trades would have been most profitable over the past year. Again, guessing where the market is going to be tomorrow or next week, at this time anyway, can be a foolish and costly endeavor.

The DOW at 10:30 is at 15006 up 174 or 1.17%.

The SP500 is at 1618 up 21 or 1.30%.

SPY is at 161.84 up 2 or 1.30%.

The $RUT is at 959.34 up 19 or 2.08%.

NASDAQ is at 3387 up 46 or 1.39%.

NASDAQ 100 is at 2950 up 39 or 1.33%. (A lot of analysts are currently watching the 100 for a heads and shoulder formation.)

The longer trend is up, the past months trend is bullish, the past 5 sessions have been bullish and the current bias is bullish.

This morning gold prices pulled back while WTI crude-oil futures surged 1.45 after better-than-expected U.S. jobs data but pulled back by the 9:30 opening.

How Oil Really Gets Priced

WTI oil is trading between 93.05 and 95.66 today. The session bias is bullish and is currently trading up at 95.51.

More Widening For The Brent/WTI Spread ahead?

Brent crude is trading between 101.81 and 104.65 today. The session bias is bullish and is currently trading up at 104.53.

Gold fell from 1487.39 earlier to 1457.57 and is currently trading down at 1471.35.

Here’s why copper has lost its indicator role

Dr. Copper is at 3.278 up from 3.118 earlier.

The US dollar is trading between 81.93 and 82.58 and is currently trading down at 82.02, the bias is currently negative.

** RRR = Risk Reward Ratio

To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

[email protected]

Written by Gary

Previous Post

Infographic of the Day: The Geology of Yellowstone

Next Post

Markets Lose Steam – Trading Sideways On Falling Volume

Related Posts

Bitcoin Is Finally Trading Perfectly Like 'Digital Gold'
Economics

Bitcoin Is Finally Trading Perfectly Like ‘Digital Gold’

by admin
Namibia Will Regulate And Not Ban Crypto With New Law
Finance

Namibia Will Regulate And Not Ban Crypto With New Law

by admin
6,746 ETH Valued At $12M Was Just Burned
Economics

6,746 ETH Valued At $12M Was Just Burned

by admin
Bitcoin Is Steady Above $29,000 Awaiting US NFP Figures
Economics

Bitcoin: What Next After Consolidation Ends?

by admin
US Government Offloads Another 8,200 Bitcoin – On-chain Data
Economics

US Government Offloads Another 8,200 Bitcoin – On-chain Data

by admin
Next Post

Markets Lose Steam – Trading Sideways On Falling Volume

답글 남기기 응답 취소

이메일 주소는 공개되지 않습니다. 필수 필드는 *로 표시됩니다

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins bank banking banks Binance Bitcoin Bitcoin market blockchain BTC BTC price business China crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum Europe Federal Reserve finance FTX inflation investment market analysis Metaverse NFT nonfungible tokens oil market price analysis recession regulation Russia stock market technology Tesla the UK the US Twitter

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

© Copyright 2024 EconIntersect

No Result
View All Result
  • 토토사이트
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자

© Copyright 2024 EconIntersect