I’m going LIVE at 1 p.m. ET to share my No. 1 Weekly Turnaround Stock going into next week and more!
Stocks were flat as a pancake heading into the final trading day of the week before an important Employment Situation report, which immediately sent things slightly lower.
The two things I’m looking at are the average hourly earnings and the unemployment rate, which came in at 4% vs. estimates of 4.1%. Average hourly earnings rose 4.1% vs. expectations of 3.8%.
The long bond (TLT) also went straight down on the news, which is not helping us at all today. I think what we’re seeing right after the report is a bit of an overreaction because it’s not a bad report.
We don’t have any big earnings today, but Amazon (AMZN) reported after the close Thursday, and the stock is down just under 3% but off the overnight lows. The news was not particularly good for Amazon, which provided below-consensus Q1 revenue guidance.
So once again, a company has strong numbers but weak guidance, which will sink it almost every time.
Crude oil, meanwhile, is right at the 100-day moving average and good for Consumer Discretionary stocks.
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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P.S. Closing In on Next Week’s Target Stock
I’m going LIVE at 1 p.m. ET today, Feb. 6, to share my No. 1 Weekly Turnaround Stock going into next week…
I’m also holding my 2-Step Trade Workshop to show how I’ll be targeting this stock heading into next week…
This system uses a specific market phenomenon that supersedes economic cycles and headline noise, and boasts an 80% success rate on average over 100 real trade alerts — the proof is in the pudding!
Naturally, we cannot promise future returns or against losses but right now we’re on a hot streak, celebrating winning 11 out of the last 12 posted trades…
Make These Weekly Turnarounds Work for You!
From 11/28/22 to 1/8/24 on closed trade signals, the average win rate is 80.00%, and the average return per position (winners and losers) is 11.55% and a 38.27% average winner with an average hold time of 10 days on the options.
