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For those of you who read my account talk thread, you know I moved to Europe this week. Along with the spotty internet connection from the hotel, the time zone change has wreaked havoc on my mental ability to analyze the markets from this side of the pond. For some reason (jet lag) it is very strange to watch the markets from home (after getting off work) but I am optimistic that once Iíve settled into a routine, Iíll be an even better version of myself (as a trader) than I was before.
Stocks were up for the week but with turbulent action as mixed emotions stirred up after remarks by Fed chairman Janet Yellen of a probable increase in interest rates in December. The buyers poured in Monday and Tuesday coming off the previous Friday's close of 2079 which is not shown on the chart below. Yellen's remarks came Wednesday leaving a lot of anticipation for the October jobs report, and in turn created some interesting intraday trading for the rest of the week skimming off some of Tuesday's
Updated 11-08-2015 at 11:31 AM by TommyIV
Jobs Report: +271,000, 5.0% unemployment
U.S. Economy Added 271,000 Jobs in October; Unemployment Rate at 5.0%
Stocks were up early yesterday, but with the very important jobs report on deck on Friday morning, investors were tentative and there was a back and forth all day with little progress made by the bulls nor the bears.
Back in bull market territory we might anticipate the news to be good, but the indices are extended and investors may look for an excuse to take some profits. And at this point, with the Fed on the fence regarding interest rate hikes,
Stocks opened higher yesterday and it looked like it was going to be yet another positive trending day, but Janet Yellen threw a wrench into the mix when she suggested interest rates could still be raised in December, something investors had written off recently. The Dow ended the down 51-points.
That new revelation from the Fed Chairman likely magnifies this Friday's October jobs report. The question is... Do the bulls want a good report, or a bad one? Estimates are looking