Well, it seems that U.S. employment has actually got some momentum (and I daresay, on a non-financial note, this improves the chances of Obama getting a third term – – AKA Ms. Clinton). With another blowout month, one of the few assets that’s getting smacked down is gold (I mentioned on Tastytrade yesterday how miners were looking awfully long in the tooth, so I shorted NEM). Here’s the front month for gold as I’m typing this:
Equities, on the other hand, are looking strong. As I’m glancing at the board now, the NQ looks to be in new high territory, and the TF is very strong as well. I will say, at the moment, the intraday chart (shown below) doesn’t have the holy-jeepers-this-changes-everything quality to it that the blowout jobs report last month created, merely because we’re still pretty much in the same range we’ve been in weeks now. Of course, if the ES keeps padding these gains today into a new high for 2016, that won’t matter anymore.
