Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Minyanville's T3 Daily Recap: Market Bounces Into Moving Average Targets Ahead of Jobs Report

By

Tomorrow's employment report will be important on a very short-term basis, especially given the fact that we are very overbought.

PrintPRINT
This morning we highlighted the 21-day moving average, 1165 in the S&P, as a logical magnet for the market ahead of tomorrow's employment report, and that target was hit today. Stocks continued to bounce as fears of a deeper Euro crisis subside thanks a plan to recapitalize troubled European banks. Europe wants to head off the potential crisis early to avoid calamity mirroring the collapse of the US banking system in 2008.

Now that the market has staged another powerful three-day bounce, today was a time to book a substantial portion of profits and wait for more clarity. Tomorrow's employment report will be important on a very short-term basis, especially given the fact that we are very overbought. Though the problem has been Europe, not a poor employment picture in the US. The jobs picture has been bleak for some time, and the market occupied higher levels with that knowledge already in place. A weak report tomorrow may not be the end of the world, and would probably lead to more range bound action, but a better than expected non-farm payrolls could ignite another round of short covering.



Check out T3Live.com's Virtual Trading Floor to follow these traders and their live portfolios on real-time throughout the day! Take a free trial.
< Previous
  • 1
Next >
No positions in stocks mentioned.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE