Good morning and Happy Friday!
This morning’ market is all the Employment Situation report that will be out one hour before the market opens putting us retail traders at a major disadvantage. After the number, the market will react and of course, there is really nothing we can do about it. There seems to be a little concern that we will see a number softer than expected. The target is 178,000. I fit comes in higher expect the market to move up, however, a print lower than 150,000 would likely bring in the bears.
All we can do this morning is to manage the trades that we are in. The reaction to the number is out of our control but if we remain calm and follow our rules everything should work out just fine. We also have International Trade numbers and Factory Orders coming out this morning that could a small influence on market direction.
The next hurdle is that we have 4 Fed speakers today. I doubt we will hear anything new but as you know all one these folks has to do is suggest that they believe we need another interest rate hike soon and the market will react in about half a heartbeat so it would be wise to remain flexible, stay on your toes and be prepared to react is necessary.
Have an awesome day and a fantastic weekend!
Trade wisely,
Doug
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