Slope of Hope Blog Posts

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Slowing Pace of Bad News

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Good morning, fellow Slopers.

The jobs report came out minutes ago, and it was another "less-bad" data point for the market. As I type this, the /ES is up another 1.5%. No matter how one wants to interpret the chart below, the fact is that it's been on a bull run for three solid months now, and the only bearish thing possible about it is if the breakout softens and fails. And that is simply a prospect, not anything endemic to the chart as it stands.

0605-es

I'm watching EUR/USD too, and something quite peculiar is going on. I'm not sure what to make of it, but it responded positively to the jobs news, and suddenly it's lost the spike. Any insights on this? I notice GLD and SLV are trading down too, in spite of OIH being up very strong.

0605-eur