Good morning, everyone.
Well, it seems the market isn’t particularly interested in going anywhere since in under 24 hours there’s a major data point coming in the form of the monthly jobs report. The /YM, shown below, is dead flat ever since yesterday’s end-of-day surge. A gain of 0.02% isn’t even worth talking about.
Following yesterday morning’s rather risky post about me taking profits on metals, I’m pleased to not feel like a total buffoon right now. Gold futures are down over $31, and the /PA contract, shown below, is down more than $42 or almost 3.6%. Phew!
I also re-entered my China short by way of FXI yesterday. Happily, China got the bright idea to announce they wanted the stock market to cool off, which was just the ticket.
Although not nearly as important as tomorrow morning’s jobs report, the employment change and unemployment claims rolled out this morning. The trend: shrinking employment and growing unemployment. Sounds like a recipe for success, eh?
