There’s a saying about the market: As goes Apple, so goes to the stock market.
And the market is ripping Friday morning on the heels of strong earnings from Apple (AAPL), which also announced a $110 billion share buyback program.
Small caps in the Russell 2000 are still down, but this morning’s employment report could add some juice.
U.S. nonfarm payrolls for April came in at 175,000 versus estimates of 303K and a previous number of 243K.
This is one of the biggest reports of the month that’s closely watched by the Fed, and the market got another instant jolt, pushing things sharply higher on renewed hopes that interest rate cuts could come sooner than later.
Volatility also huffed and puffed this week before settling back in lower. I said to watch the 14.34 level on the VIX in my morning video, and it plunged over 6% on the jobs data, falling to 13.74.
We also need to keep our eyes on crude oil…
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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P.S. Are You Ready for My Pre-Election Forecast?
One thing I don’t talk about around here is politics, especially when it comes to my personal opinions.
We’re all here to talk about the market and make money, and that’s the bottom line.
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