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In light of the positive February Employment report NFTRH 333 opened up with some discussion of the details (the devil after all, is in those details)…
Employment, the Economy & Interest Rates
The February Employment report was a strong +295,000 with unemployment dropping to 5.5%. In Friday’s Market Notes update we highlighted that per BLS this was a services-driven report as the leading edge of the economy, the smaller but key manufacturing and industrial sectors, have begun to decelerate (notably in forward-looking ‘New Orders’).
I was going to title this post “Told Ya So”, but I figured that was obnoxious, so we’ll keep it more innocently puerile. As I was going through charts (as I tend to do when I’m not driving the family hundreds of miles up and down California) I noticed three particularly interesting charts that I’ve pointed out as good shorts that are behaving themselves particularly well. In this QE-free environment, technical analysis is working one whole hell of a lot better, and this trio of stocks illustrates that nicely. First, there’s Alcoa, which is following its analog beautifully: