Call it a gift from Santa. As dubious as the unemployment rate may be, it's headline stuff. And that may be one of the ingredients that helps launch a Santa Claus rally at some point. If you're interested in a bit more detail about the unemployment report, you can find it here.
As a result of the early data the broader market popped at the open, with the S&P 500 gaining almost 1.25% at one point in early trade. But those gains didn't last as the market slowly chopped its way lower throughout the rest of the trading session. At the close, the S&P 500 was down a very modest 0.02%, and the DOW closly mirroring that number with a 0.01% loss. The Nasdaq managed to eke out a 0.03% gain.
Next week Thursday, the ECB will announce any changes to monetary policy as well as provide a press conference shortly after the policy statement is released. This is in addition to the Merkel and Sarkozy meeting and EU summit, also happening next week. These events could have a lot of influence over next week's trading activity.
Here's today's charts:
NAMO and NYMO remain on buys, but also remain in negative territory.
NAHL and NYHL also remain on buys.
TRIN retained its buy status, while TRINQ flipped to a sell.
BPCOMPQ tracked sideways, but remains in a buy condition.
So the signals are mixed, but largely in buy territory. Officially, that keeps the system in a sell condition, but the system has issued two unconfirmed buy signals earlier this week, which suggests higher prices in the days ahead. But that does not mean we can't see selling pressure prior to any upside continuation. Still, I would view any selling pressure next week as a probable buying opportunity.
Our sentiment survey came in too bullish, which in a bear market is a sell signal. I like that set-up as it suggests we may very well get that selling pressure.
Stop by Sunday evening when I'll have the tracker charts posted. See you then.
As a result of the early data the broader market popped at the open, with the S&P 500 gaining almost 1.25% at one point in early trade. But those gains didn't last as the market slowly chopped its way lower throughout the rest of the trading session. At the close, the S&P 500 was down a very modest 0.02%, and the DOW closly mirroring that number with a 0.01% loss. The Nasdaq managed to eke out a 0.03% gain.
Next week Thursday, the ECB will announce any changes to monetary policy as well as provide a press conference shortly after the policy statement is released. This is in addition to the Merkel and Sarkozy meeting and EU summit, also happening next week. These events could have a lot of influence over next week's trading activity.
Here's today's charts:
NAMO and NYMO remain on buys, but also remain in negative territory.
NAHL and NYHL also remain on buys.
TRIN retained its buy status, while TRINQ flipped to a sell.
BPCOMPQ tracked sideways, but remains in a buy condition.
So the signals are mixed, but largely in buy territory. Officially, that keeps the system in a sell condition, but the system has issued two unconfirmed buy signals earlier this week, which suggests higher prices in the days ahead. But that does not mean we can't see selling pressure prior to any upside continuation. Still, I would view any selling pressure next week as a probable buying opportunity.
Our sentiment survey came in too bullish, which in a bear market is a sell signal. I like that set-up as it suggests we may very well get that selling pressure.
Stop by Sunday evening when I'll have the tracker charts posted. See you then.
