Even though the administration went to the media yesterday to warn that the jobs data might be very shocking due to the “millions of deportations” (really?), it seems like they had nothing to fret about. Expectations (black numbers) were bested by the purported reality.
As such, equities took off like a rocket. All the big indexes are up anywhere from two-thirds of a percent to a full percent.
As always, keep context in mind. The /NQ chart above looks like bulls are ready to conquer the universe, whereas the longer-term /NQ below shows that, yes, the quote is positive, but the overall trend is still degrading.
Precious metals are showing strength as well, although somewhat less than before the report. Gold is up 1.2% and silver is up 5.3% as I’m typing this. Gold, however, seems to be respecting an important level of reistance.
Silver, in spite of its stronger percentage gain, hasn’t even mustered to match its prior recovery high, instead banging out a lower high.
I’m going into the day medium-heavy with about a 140% commitment level, which isn’t going to make for a pleasant opening bell for me. Let’s see how the day works out once all the dust has settled, eh?
