Now that government data is more or less back to normal distribution, the jobs report for the month came out this morning, and it’s just the kind of feeble growth the bulls wanted to see. In a nation of a third of a billion humans, a mere 50,000 jobs were added to the entire economy for the month. Over the past four years, the trend in job growth is clear.
As such, the /RTY (small caps) is at another lifetime high, as it has been sailing higher in recent days.
On the long-term continuous contract for the same /RTY futures, we are very close to pushing past the extremes of 2021 in the midst of the Covid trillions looniness.
The /NQ likewise pushed higher when the jobs report hit (arrow), although as of this moment it’s up only about half a percent.
This week, the /NQ did peek its head above resistance, only to slip lower again. Even with the “good” jobs news, tech stocks are still well below even that modest pop.
Just about the only slender hope for any remaining bears at this point is the price gap on the QQQ, which has remained unsealed and unviolated. The SCOTUS tariff news might still hit today, which could change this. Even if we knew right this second what the ruling was going to be, who knows what the market’s reaction will be? It isn’t clear at all, considering all the variables.
In any case, volatility has slipped, now that we’re past this most recent government data point. For myself, I remain very defensively postured and will remain so until at least the SCOTUS and its effects are clear.
