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We got the December jobs report before the opening bell on Friday and it came in much lighter than estimates, yet stocks opened higher, and closer higher, with a mid-day swoon in between. As we mentioned last week, it doesn't seem to matter if the news is good or bad, the bull are finding a reason to buy. The Dow ended the day with a gain of 57-points. Small caps were up slightly, and it was the S&P 500 and large tech in the Nasdaq that led on the upside.

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Originally Posted by coolhand

The market had another good week, last week. Especially the S fund.




I don't know how long these indexes can keep powering higher, but they remain bullish. Friday's action saw both indexes hit fresh all-time highs. There is no resistance above on either chart either. Momentum is rising on both charts and both are also overbought.



Cumulative breadth

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Economic Calendar


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A new year brings new all time highs. Buyers have not been discouraged and their confidence has allowed political chaos during a pandemic with job losses be a buying opportunity. Stocks fell Monday and it looked like the 2020 status quo was over. But buyers were back to work for the rest of the week. The events at the capital building and the release of the first jobs report with job losses since April were shrugged off as temporary. A lot of credit for the gains was given to the Georgia elections ...

Economy sees job loss in December for the first time since April as surging virus takes toll

Nonfarm payrolls were expected to rise by 50,000 in December as job creation slowed into the end of 2020, according to economists surveyed by Dow Jones.

The unemployment rate held steady at 6.7%.

https://www.cnbc.com/2021/01/08/jobs...mber-2020.html