Friday, February 3, 2012

Jobs report give stocks a boost!

Today was the day most traders were waiting for. First Friday of the month = non-farm payrolls. And the numbers (see below) were huge, a big positive surprise. Futures spiked big, as did oil. The euro, gold and silver all dropped on the news. Half an hour into the session, the ISM-number was another positive surprise, good for another jump higher. From there on, indices mostly traded sideways.


So all indices made new highs today, after very surprising economic data. Nasdaq is making new 3-year highs, the Dow is coming close to last year's high, while S&P500 and Russell are still below 2011 highs, but coming close. The 1 million $ question is, will these levels start to act as resistance or will we just blast past them and keep going up?

5m-chart SPY:



Daily charts DIA, SPY, QQQ and IWM:



Metals: once again, gold and silver were moving together (down 2%), but copper going in the opposite direction (>3%!)
Oil finally had an upday, a welcome bounce after all the weakness from the past days.
The euro spiked down hard on the jobs report, but recovered near midday.

Articles for tonight:
Should We Be Watching NASDAQ Composite?
When Everyone's A Genius
You Review Your Trades, What About Your Performance?
Learn This Or Fail At Trading

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