Stocks are moving higher initially ahead of the open on the heels of Friday’s crucial Employment Situation report.
Nonfarm payrolls came in at 151,000, which is in range but less than consensus expectations. Unemployment ticked up slightly to 4.1% — overall a pretty decent report, and things are moving in the right direction.
I want to see the VIX drop below 22.80 after the open.
The bond market (TLT), which fell at first but then rose after this morning’s critical report, is currently pinched between two levels. If it goes up after the Employment Report, we will likely have a good day today. It’s down slightly immediately after the report.
The U.S. dollar is sinking fast because confidence in the economy is falling, in part because of the Fed, and in part because of the constant back and forth with tariffs on all our biggest trading partners.
It’s coming up on support but what’s concerning to me is gold isn’t spiking nearly as much at the same time. The dollar dropping is deflationary, but that creates a weaker economy.
And that’s because the weaker the dollar is, the less money it will attract. And the less it’s worth, the less of a problem tariffs are for foreign companies.
Even though gold isn’t rising as fast as the dollar is falling, I still like it right now. If stocks and the dollar continue showing instability, the gold market will go higher.
Crude oil is still just sitting in its current range along with a lot of support, and it’s likely to just bounce around this channel for quite some time.
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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