Two Ways: Recession Over?
Strengthen your portfolio in good times and bad.
Data provided by Bloomberg showed Fed Funds futures on the Chicago Board of Trade pricing in a 70 percent probability that Chairman Ben Bernanke and the Federal Open Market Committee could vote to raise the overnight borrowing target 50 basis points by November. A strong statement considering the odds were at 27% yesterday.
The sentiment comes as the Labor Department reported a better than expected jobs number today. Nonfarm payrolls fell in May by 345,000 while the unemployment rate rose to 9.4%, the highest since 1983. Consensus forecasts called for a 9.2% unemployment rate, but also for a loss of 525,000 jobs.
See Professor Vinny Catalano's perspective in Reading Economic Reports for Bullish Signs.
From the Bull Pen: Minyans know that it is way too early to be calling a bottom. Nonetheless, is the pullback in gold your opportunity to get long? Consider the goldminers ETF (GDX); a sell stop can be set below $40.
From the Bear Cave: Dead cat bounce in the dollar? Professor Krueger highlighted the Australian Dollar ETF (FXA) today on the Buzz. On the technical picture, using the fat crayola method, it's sitting at $79 support. One can set a 2 point sell stop below on upside tries.
Whacky day! But at least it's Friday. Have a great weekend, Minyans!
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