Ahead of Jobs reports and consumer credit report, we have media beating a bullish sentiment. Though questionably to the effect it will have on the economy is still in question. Ahead of the opening of domestic markets people are pricing in a bullish open, though i would be surprised a strong open to fade. Any positive news is always good for wall street but not overly positive as to have the Fed's breathing down everyones neck.
Upon speaking to many recent graduates and my own sister, the labor markets are very unreceptive to theses new graduates despite all their prestige and ivy league diplomas. Many are forced into jobs that are unwanted or jobs that significantly pay less than desired. As though I can only speak from an east coast perspective, it is no doubt it is reflective of the current business cycle. Though this may be more bullish news for my own graduating class, by then hopefully the business cycle will be more receptive for our group, and mostly likely will be in a few years given that in that time span all the current sup prime and credit problems and housing should smooth out by then.
The US dollar finally seems to get a footing, though is stalling before the open. Taking off from my forex trading platform at 1.41 28. Strengthening against vs the majority of major currencies. Given positive economic conditions the dollar is poised only to strengthen further, though I get more of the feeling of a stale jobs report. Numbers may not be as expected but won't disappoint by a large margin. Obviously any significant negative number will definitely give more weight for Fed's to cut rates more, and will be reflected in the interest rates.
Given a strong enough number in the job reports, the S&P 500 which is scratching resistance may break through today depending on how much momentum can be sustained through the day.
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