ES Futures:
Sharply higher after the jobs number.
News:
Slightly fewer jobs added than forecast, but March was revised much lower, to 85,000. This should jazz the stimulus addicts for now. . .until it dawns on them that "wage gains" are becoming a persistent headline, regardless of intensity (lack of).
"Goldilocks" was just uttered on CNBC. Apparently several times, too, as noted by @ThomasGM on Twitter.
FX:
All the action is in the GBP following Cameron's big Tory victory.
Treasuries:
Prices look chummy suddenly.
Energy:
WTI crude got to a lower low yesterday on higher contracts than Tuesday's major rally. Not the end of the world, but a sign of weakness to monitor.
Metals:
Gold holding below 1200.
S&P Outlook:
Futures indicate a trip to the 78.6% retracement on the cash S&P. As things stand now, pre-market, getting below 2085.93 would not be a good indication after such a major pop.
Simply, I don't think the market has seen the highs just yet. But perhaps it hasn't seen the lows, either. Today should (or could) be helpful to clear this up. The wave structure has every chance of extending from current levels after such a strong pre-market move.
Conversely, it has every chance of breaking down hard if the move is not sustained.
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