Stocks and Precious Metals Charts - Jobs Lite - Markets Rebounding on Hopes for Continuing Fed Dovishness

 

The Jobs Report came in significantly weaker than expected, and certainly well short of the expansion implied by the ADP Report.

But the BLS reports are a funny old thing.

And so stocks and the Metals rebounded sharply, and the Dollar took a give back towards the 90 handle.

I really do not have a feel for the metals here, and am sticking with the sidelines for now.

They are attempting to break out, but are meeting some stubborn resistance.

It appears that JPM is in the middle of this.

Have a pleasant weekend.

 

Stocks and Precious Metals Charts - Jobs, Jobs, Jobs

 

"The Lord is my light and my salvation –
        whom shall I fear?
The Lord is the refuge of my life –
        of whom shall I be afraid?" 

Psalm 27

 

“Imaginary evil is romantic and varied; real evil is gloomy, monotonous, barren, boring.  Imaginary good is boring; real good is always new, marvelous, intoxicating.  Everything beautiful has a mark of eternity.” 

Simone Weil

 

The markets were shocked this morning by a much better than expected ADP private payrolls jobs added report

The implication was that the Non-Farm Payrolls number tomorrow would also be much better, and thereby put pressure on the Fed to taper from its easy money policy much soooner than expected.

There were losses across the board in equities.

But, to the rescue, President Biden suggested that he would shift from his 28% corporate tax rate to a 15% floor, or a minimum tax.   He is attempting to placate the GOP.

But gold and silver would only recover a bit of their losses, still showing red into the close.

I had noticed that JP Morgan had dumped 7,000 June gold contracts from their house account earlier this week.   

One can only wonder.

The Dollar retained much of its gain.

Non-Farm Payrolls tomorrow. 

Let's see where its latest estimation of the jobs meme might be.  It is hard to predict all things considered.   

'Adjustments' abound.

Keep an eye out for the average hourly wage, remembering that this is hardly an average recovery.

Have a pleasant evening.

Stocks and Precious Metals Charts - Markets Holding Their Breath Ahead of the Payrolls Report

 

“Son of man, these people have set up idols in their hearts.   They hold on tightly to the things that will make them fall into sin.  Should I allow them to inquire from me at all?" 

Ezekiel 14:3 

 

"And they cried to the mountains and the rocks, 'Fall on us, and hide us from the face of the one who sits on the throne, and from the judgement of the Lamb.'" 

Revelation 6:16 

 

Stocks were moving sideways today, with small caps show some outperformance.

Gold and silver moved a bit higher, but still no clean breakout.

The Dollar rally failed in the afternoon.

The markets are keenly interested in the Non-Farm Payrolls report on Friday.

The market is riding a crest of easy money from the Fed.

They are watching closely for any signs that the party may be over.

And the Fed assures them, again and again.

Have a pleasant evening.

Stocks and Precious Metals Charts - Back to Work - Non-Farm Payrolls on Friday

 

Stocks rallied early on, and then gave it up and finished slightly lower into the close.

Gold and silver also rallied and then lost ground into the afternoon.

The Dollar traded in a sideways chop.

There will be a Non-Farm Payrolls report on Friday.

Have a pleasant evening.