The collision of global markets and social mood

Friday, June 5, 2015

Friday -- Hot Jobs & Wage Gains

ES Futures:
Down sharply post-NFP yet showing support.

News:
HOT jobs number -- 280K vs. expectations of 226K. Fed will be seen as moving higher on rates. CNBC using "rates rising for the right reasons" narrative again.

Wage gains continue to be noted, up 2.3% for the year -- perfect cover for the Fed. Wonder how Christine Lagarde feels today after blabbing that the Fed should hold off.

FX:
Wild action in USDNOK again. Anything above 8.15752 would suggest new all-time highs in this pair.

EUR trades hesitantly amid continued Greek drama. USD firmer again.

Treasuries:
Prices still weak, and weaker post-NFP. Weakness is world wide this morning as well. Using 117.19 as hard stop on TLT.

Energy:
WTI crude may be setting up for a rally if 56.51 holds. Was eying calls yesterday. Will do so again today. NG still weak.

Metals:
Gold sub-1200, heading further into darkness.

S&P Outlook:
Continuing to view the decline as corrective, yet also viewing anything down to 2067.93 as fair game. 2080 area has open/close price agreement from May 6th & 7th. Using SPY calls against existing UVXY position.

A rally could immediately target the 2115 area.

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