Morning Look-2/3/23

US December Non-Farm Payrolls Rose by 517,000; the estimate was 185,000; Previous 260,000

That was a hot # and hurts the “Fed Pivot” narrative for now.

As a result, the greenback jumped some more, and treasury yields are popping higher.

We seem to do this every couple of weeks, that’s why I feel the Fed will be “data dependent”.  The market will move with the most recent economic data, “not” on guru predictions.

Nasdaq was on the cusp of a “bull-market” yesterday after rallying 20% from lows. Go figure. Be funny if this is where they pull the rug out, but the chart is still bullish.

Note on GDX……..

Sometimes a stock or ETF will open lower than our stop. Always use your own risk levels, but in this case, 50-day support is just below at around 30.20. If you stopped it out that’s fine, or you can take on another dollar of risk down to 50-day moving average support at 30.20.

In other news, it’s comforting to know that a Chinese surveillance balloon has been hovering over the northern U.S. for the past few days.

Nazzy had a brutal open but is now almost green. They’re still buying the dip.


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