Solid Jobs Number Equities Ho Hum
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Friday’s jobs number was in line but a reasonable number and higher wages, were still not good enough but possibly enough to support the up trending. Gold has sold off from the highs which should be no surprise. The real story is the lack of real trade and action; 1260 will be the key support level in gold.
If this report is really strong the FED will be compelled to raise rates sooner rather than later. Right now, we have summer trading in markets that still want to go up, crushing the VIX, which is trading around 10 in the pre-market.
The bottom line is simple: the markets will drift higher until they find a reason to sell off hard. As we have noticed every sell off is met with buyers but they are big and full of action. We can’t predict when or the event that will cause the break but markets are searching for a reason to sell