Two Ways: Bank of America to Accept California IOUs
Strengthen your portfolio in good times and bad.
For more trading context, see Toddo's Randoms: Breakout or Breakdown?
From the Bull Pen: Banking bulls can look to the SPDR Financial ETF (XLF) which is currently sitting between the 20 (resistance) and 50 (support) day moving averages. Should that not hold, the 200 day (11.55) could offer next support. One can consider entry at that level with a sell stop below recent lows (11.30).
From the Bear Cave: Bears playing the downside in the S&P 500 (SPX) need to watch out for extra volatility due to today's jobs numbers. Keep an eye on resistance levels at 930 and 950. Vehicle of choice can be the S&P 500 Depository receipts (SPY).
Quick Check Around the World
Asian trading closed with the Hang Seng -1.09%, India 0.09%, Shanghai 1.73%, Nikkei -0.64%, and Taiwan 1.35%.
Glancing towards Europe, we see the FTSE -0.72%, CAC -1.21%, DAX 1.57%
As of 8:10 AM EST, S&P Futures are trading -4.70 to 914.50 and Nasdaq futures are -5 to 1473.00.
A Look at Commodities
Over in commodities, crude oil is trading -1.28 to 68.03 while gold is -7.60 at 933.70 this morning. Silver is -0.285 to 13.47 and copper -4.30 to 227.20.
The dollar index is +0.4100 to 80.2850.
On the Radar
08:30 Nonfarm Payrolls -370k
08:30 Unemployment Rate 9.6%
08:30 Hourly Earnings 0.2%
08:30 Average Workweek 33.1
08:30 Initial Claims
10:00 Factory Orders 0.2%
Happy Fri… Thursday! Good luck today!
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