It’s a big day with the employment report and a Fed economist Lisa Cook speaking, and stocks were bullish ahead of the report with tech leading…
But then things took a dive when the unemployment rate came in at 4.0% versus expectations of 3.8% to 3.9%.
The bond market (TLT) quickly sold off with lowered chances of a rate cut any time soon.
Nonfarm payrolls rose to 272,000 versus expectations of 190,000 in May, up from April’s 165,000. In this instance, good news for the job market is bad for rate cuts — and the Fed just isn’t ready to cut rates yet.
The gold market saw some upside Thursday, but it’s down quite a bit and if it breaks the $2,300.30 level, odds are it’s going to dip to the 100-day line.
Gold did catch a bid on the jobs news, however, and this is good news for the precious metal.
Energy, on the other hand, is starting to come back up. However, there’s some resistance ahead and I think it’s going to come back down. I believe energy prices will be somewhat subdued in the near term. Going back to April, the highs are getting lower and lower, and there’s been a shift in the price of crude.
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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