Friday Sept 6 2013
The exit from the work force of so many continues to ratchet the unemployment number down. Yet today the CEO of Exxon in the WSJ bemoans the lack of qualified applicants for jobs that remain un filled.
At any rate, the Jobs Report morning is a news event. Typically participants will have buy and sell stop orders surrounding the previous day close in various markets. It is typical then for any one markt to drop and then quickly rise on the report, or vice versa. This action erases all the cluster of orders around yesterday's close. Only then do we find the real direction of the market. That may have happened in gold this morning it was down $12 before the report, jumped to up $12 after and has since pulled back a bit.
Stocks need a close over 1651 today.
As I write early Friday stocks are 1654.69. Oil is up over $1. More later today.
Comments