Another way that scenario plays out is one more vicious squeeze of the bears with a dip and then rip. NQ would test its support around 12900 and ES would test the low of the prior week range, before going back up.
A very strong jobs report would probably weaken bonds and strengthen the dollar. Eventually, trades related from that would play out. I'm not sure how stocks would react in the short-term. Probably up because that's been the general direction.
Finally, the jobs report is ulimately meaningless. It's one data point. Most likely the report will be within the range of estimates making it also somewhat meaningless for traders. All it will do is remove uncertainty. Instead of ultra-low volume as we saw yesterday, volume will surge as the market zooms towards its intended target. Only in rare situations such as we are in now can a jobs report act like a 2x4 across the face of investors, traders and policymakers.
BTC and ETH are hinting that markets want to run. Jobs were almost double expectations. This is a macro disaster for stocks with yields surging and the yield curve inverting even more, should it hold. I never trust the first move though. Buckle up! Should be a wild day.
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