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Precisely one week after that son of a bitch Kuroda (who makes Yellen look like a saint) vomited up a commitment of nearly a $1 trillion per year to buy up bonds and equities, the entirety of the move has been undone. So that’s what you get for a trillion bucks these days? A two-day pop that becomes moot a week later? Pretty pathetic, you disgusting, feckless turd.
Reaction was fairly muted on the NFP numbers, so I think we are back on normal programming for the rest of the day.
I posted the chart below on twitter last night showing my ideal short term target on SPX to be hit if possible today. I mentioned the SPX weekly upper band earlier this week and that was at 2044 at the close yesterday. On the chart below I have a channel resistance target that should be in the 2040-6 area, that is a match if the bulls can manage that today. SPX 1min chart:
Mornin’ Slopers,
My dawgs woke me up way, way too early (we’re talking 4:30) so here I am with two quick items just to get the day rolling.
First, the jobs report is out, and the market doesn’t quite seem to know what to do with it. On the one hand, the headline rate is down to 5.8%, but on the other, the number of jobs added was well below expectations. At first, the US dollar got really weak, but as I’m typing this, it’s rebounding. The ES and NQ are pretty much where they were late last night – – – so at this point, there’s no obvious direction for the day.
Second, I was intrigued to see the story over on ZH about happiness across the country. I was particularly interested since my home state of Louisiana appears to be the happiest place on Earth (Disneyland notwithstanding). I feel an odd sense of pride that my cajun cousins are more content with their lives than the gazillionaires which surround me here in the Silicon Valley.
