Jobs Report Surprises
The Dow ended a negative week last week closing lower by 1.34% on a week on week basis.
What was shaping up to be a pretty ugly week was made slightly less so by the better than expected Jobs Report last Friday. Nonfarm payrolls turned in a huge 244K vs consensus of 185K, preventing the Dow from moving any lower. In fact, some investors are already being wooed back into the equities market on the positive jobs report, raising bond yields slightly across the board.
Indeed, as I have mentioned last Thursday night, the market could react positively to the Jobs report no matter how it turned out and it indeed was so. However, on the technical front, there still isn't sure signs of bullish momentum especially since last Friday closed way off its intraday high. As such, the Dow could still play out my prediction of going down to its 30MA short term support before rebounding to new highs.
This is going to be a fairly quiet week (like all second weeks of the month) with no major economic releases. A time for investors to make sense of what have happened in week one and to make an investment decision. Indeed, I do expect this short period of economic data volatility to have run its course and we should see some real recovery in the month ahead. Lets continue to trade with the trend.
My Market Analysis Sent Straight Into Your Email Daily For Only $5/Month! **My analysis will only be posted here once every other day.
What was shaping up to be a pretty ugly week was made slightly less so by the better than expected Jobs Report last Friday. Nonfarm payrolls turned in a huge 244K vs consensus of 185K, preventing the Dow from moving any lower. In fact, some investors are already being wooed back into the equities market on the positive jobs report, raising bond yields slightly across the board.
Indeed, as I have mentioned last Thursday night, the market could react positively to the Jobs report no matter how it turned out and it indeed was so. However, on the technical front, there still isn't sure signs of bullish momentum especially since last Friday closed way off its intraday high. As such, the Dow could still play out my prediction of going down to its 30MA short term support before rebounding to new highs.
This is going to be a fairly quiet week (like all second weeks of the month) with no major economic releases. A time for investors to make sense of what have happened in week one and to make an investment decision. Indeed, I do expect this short period of economic data volatility to have run its course and we should see some real recovery in the month ahead. Lets continue to trade with the trend.
My Market Analysis Sent Straight Into Your Email Daily For Only $5/Month! **My analysis will only be posted here once every other day.
posted by Jason Ng at 7:12 PM
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