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Guess the NFP has released the market is trying to decide where to go. For now, it's testing the previous high so 50% chances of double top here. The push up since May 4 has been strong so even a pullback here likely it'd be bought.
Gap up above the yesterday's high so could be a trend day either up or down.
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He pointed out with the volume profile that we have had a string of days with heavy selling in the ES during US hours and that he has never seen this behavior before. He speculated that it was large funds hedging. Then he went on to say it makes for difficult trading. At that point I said out loud to my cats A Men brother!
Friday, if you are right you will be right all day if wrong will be wrong all day also. at this bubliciously overbought FOMO will be the one to be wrong.
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My comments are for entertainment/educational purpose only. NOT a trade advice.
He tweeted an answer to a question on what times volatility hedging flows hit the markets (Vanna)-Vanna/Charm hedging usually approx 1am-3am again 7:30-9am and again 1pm-3:15 pm cst
He is again saying until the 20 day moving average is broken bears have to prove themselves (reminds me of Cobra ).
BullBear52x wrote:Non farm is very bad and unemployment is tick up, this is why market is up because the blank check from the Fed? haha
You nailed it, Bond market has changed it's mind on Fed tapering. Some claiming NFP shows two things today. First the usual problem of not enough people with the exact skill set employer's are looking for (and unwilling to train). Second unemployment benefits plus Federal stimulus keeping people out of the job hunt.
Personal observation, if I had been working at a restaurant and was getting by without working why would I want to send my kid back to day care and risk myself and my kid getting sick? Listened to Jim Cramer on the radio while running errands last night he was saying Fed unemployment runs out in 4 months and at that point wage increase pressures will end. Secretary of Education said kids will be back in school this fall. So clearly September October job reports will be informative.
Washington Post- The White House believes today's job reports illustrates the importance of providing robust unemployment support with millions of Americans still out of work, a senior administration official says
"U.S. CHAMBER OF COMMERCE SAYS CALLS FOR ENDING $300 WEEKLY SUPPLEMENTAL FEDERAL UNEMPLOYMENT BENEFIT TO ADDRESS U.S. LABOR SHORTAGE"
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Breakout to the new day high in the next couple of bars with a good looking bull bar then it's an uptrend day.
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