Sep
Jobs Bad, but Better?
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The broad market indexes move to resistance as the jobs report was better than expected. Most of the economic data was better than expected this week putting investors in a better mood. The focus moving forward is hold the move and establish a new uptrend short term. The long weekend will give everyone a chance to regroup and make key decision relative to putting money to work in the broad markets.
The watch list has produced some plays this week and we continue to be cautious about the deployment of capital in this market currently. Today we hit the entry on PST as the yield on Treasuries rise in response to the rally in stocks.
Oil pulled back on the day in contrast to the rally. The supply/demand issue remains an issue short term for the commodity.
Plenty to filter and scan over the weekend. Watch for an updated list on Monday as a result of the move this week. I am scanning both the reversal at resistance and the break through resistance as opportunities. We will post and update the watch page on Monday for next weeks trading.
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