What a difference a day makes. How someone makes a living explaining these markets for what they really are, on a daily basis is beyond me. I really do not have much to say because the job report will or SHOULD dictate the direction of the markets. But lets first take a look at the Euro, this is an hourly chart because I want you to see how fast this market reacted to the words of its Central Banks president. Draghi is prepared for negative deposit rates. Keep buying stocks because that global growth is really gathering up steam folks!
Well above 132 this morning and Wham, the shorts pile on. That is today's news as far as the Euro is concerned. Poor US jobs on Friday morning and the Ugly Euro will go right back up! I am glad to be able to buy below 131 again, let's watch.
The next 2 charts are of Oil and the Dow Jones-they are of hourly timeframes and I just want to show how fast they both went up in the matter of one day. On what, you may ask? To me it is a BIG JOKE and alot of people are going to get hurt when this all ends. Check out these 2 markets, the charts show the steep falls from both yesterday and the rise from today. What happens tomorrow? You can play the guessing game but I will tell you that if the job number is not at least 90k, these markets should fall hard like they did on Wednesday!
Aren't these markets something else? I did not post a chart in Copper but I will have you know that it did not get the Jolt higher like stocks and oil today. Gold rebounded nicely but not quite all the way back up 1475. Lets keep an eye on that 1440 level if it should turn lower. Bad job number and we may be back above 1500 but I would need to see that level hold in order to get excited.
Good Night
Martin
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