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The jobs report was just released moments ago.
Funny enough, the /ES shot higher on the news (at least for the moment). A more positive statistic is that page views on this new blog platform crossed the ten million mark a few days ago.
Cool!
It was a real pleasure using the zippy new "retracement levels" tool in ProphetCharts. Now I can watch the /ES move higher with a greater feeling of confidence and accuracy.
Chippity chop, chop, chop, chop. And so it goes. The big news Friday morning is going to be the employment report. The history of this lately has been pretty nasty.
010
This is bound to cause fireworks. My intuition is that it would take a shocking report to really get the market moving down hard. Anything less-than-shocking will be seen as "good news" and cause a bounce.
But how much of a bounce? Just look at how 'trapped' the market is right now. First, look at the daily chart of the /ES:
That seems relatively bullish, doesn't it? So long as it holds above 886.50, the ES looks like a pretty good buy, and if it gets above 942.75, the bulls will go wild. But let's take a closer look.
That line at 916.50, and all the price activity for almost 30 points above it, is pretty tough. The jobs market report is going to break the stalemate, one way or another. Or at least I hope so. Trading tiny ranges stinks.
As for energy, as I mentioned earlier, this pattern was compelling enough for me to switch sides from bear to bull.
But take note of that pink highlighted area, which ranges from 80.73 to 88.15 on the OIH. That's the Rectangle of Truth right now (not to be confused with the Hexagon of Justice). Break above, and zoom, up we go. Break below, and, fizzle-fazzle, we fart around.
And on that sophisticated technical note, I shall bid you a good evening. Tomorrow morning should be a humdinger.
I am delighted to tell users of Investor Toolbox that ProphetCharts now has this handy little feature:
Tonight, this feature gets released to Prophet.net users, and the next TOS release will have it as well.
This should make entering retracement levels (or any horizontal lines which set your heart aflutter) infinitely easier. Enjoy!
I'm closing out my DUG position at a small profit (a couple thousand bucks) and moving into DIG instead. This chart looks like it's shaping up to be bullish for energy.
A break above 88.13 is key.
Here's an (ahem) purely hypothetical poll: let's suppose you thought the United States was headed for a world of hurt, and you wanted to move to a new country that had the most promise for your children and their progeny. Where would you go? If the country of your choice isn't on this list, feel free to add it.
