The Morning Look
Market Update:
Stock futures are lower ahead of Friday’s open as investors wait for the always fun and fake jobs report to be released. The market is digesting a steep decline in the Nasdaq and semiconductor stocks over the past few days.
Gary’s Thoughts: We forgot to mention the continued mauling in the big cap tech/internet. We have been telling you for weeks to avoid. All trading terribly and with the semis action yesterday, one better take notice.
Fake jobs number is out…another 445,000 left work force enabling rate to go to 4.6%. Where’s the list of the 445,000 people?
Economic Calendar:
- Employment Situation 8:30 AM ET
- Lael Brainard Speaks 8:45 AM ET
- Daniel Tarullo Speaks 12:30 PM ET
- Baker-Hughes Rig Count 1:00 PM ET
Highlights:
- Trump Scores Early Victory at Carrier
Gary’s Thoughts: Political winner but more importantly, 1000 families do not lose their jobs. - Global Bonds Suffer Worst Monthly Meltdown as $1.7 Trillion Lost
Gary’s Thoughts: Probably due for relief rally but no doubt, an important trend is established.
Humm… Yoda says.. “tough market.”
The dollar is breaking down.
Butt, ..how far will the dollar fall ?
The dollar did not complete it’s up trending pattern…. Will the dollar rally soon, then continue its rally, to complete it’s prior top?
Will the dollar fall, to the rising 20 day moving average ?
Yoda watches major indexes, those indexes are divergent.
Those which fell first, are now extended, they could bounce.
Those which had relative strength, are now falling, they could break down.
Will those indexes, now falling, drag the others down ?
Will those indexes, now extended,, rally, and pull the former up ?
Yoda suspects that the market will rally, before .. it / if it.. continues a trail down.
Yoda reads the force: ” It’s all up to the dollar, ( up, down) and how the markets react to it.
Yoda is out…..but looking for a long, ….. a dcb ( dead cat bounce ) lead by the semi conductors..