Join me at noon ET TODAY for a long and short, and to see my “whale tracking” platform!
Stocks are moving higher on this morning’s Employment Situation, even after a crucial earnings report from the sagging chip sector disappointed…
Employment rate and average hourly earnings year over year are the important things, while the month-to-month numbers don’t really tell us that much.
And the employment rate came in at 4.2%, in line with consensus expectations. Average hourly earnings rose 3.8% year over versus expectations of 3.7%.
The unemployment rate is a little lower than the same time one year ago — which isn’t great for rate cuts — and people are making more money. Overall, this is decent news for the market.
Keep your eyes on the VIX today because the market was in full-fledged fear mode before the big Fed data…
If we see a breakdown in the S&P 500 (SPY) below the 50-day moving average, volatility should spike. If you see a bounce at the 50-day, you’ll see the VIX move lower — I expect at least a small bounce.
The other big news this morning is Broadcom’s (AVGO) earnings report after the close Thursday, which beat expectations. However, the stock was down over 10% early this morning because Wall Street didn’t love its forward guidance. It’s down 6.7% as of 8:45 a.m. ET.
This will affect all chip stocks today, which were already in a downward spiral. Though, they recovered from the early morning lows.
Tesla (TSLA) has broken out of its range, and looks bullish right now…
Crude oil is still below support levels and I’m still staying away from longs in this sector. Gold is now above the eight-day exponential moving average, and there are
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. Our Trading Power Hour Session Goes LIVE at 1 p.m. ET TODAY!
Thursday’s LIVE trading session was a big success with a packed room!
And folks were raving about my “whale tracking” method I’ve used to find and trade the stocks institutional traders are actively pursuing… as the orders are filled.
So I’ve decided to host another training session at noon ET TODAY, Sept. 6!
Of course, I can’t promise you’ll make enough to buy a boat or a new set of golf clubs… wins aren’t guaranteed and losses do happen in the markets.
But I’m also sharing bonus LONG and SHORT options trade ideas during the big event!
We’re also offering a BIG discount that expires at midnight, so if you’ve been on the fence…
Now’s the time!
Stated results are from options selected with the benefit of hindsight since they were applied to real published stock signals from 10/30/23 – 9/3/24. The result was a 95.6% win rate on 230 trade alerts, with an average return of 12.3% including winners and losers and average hold time of less than 24 hours. Performance is not indicative of future results. Trade at your own risk and never risk more than you can afford to lose.
