Wall Street Strategies
Hello! Sign in or Register


Afternoon Note

Jobs Report Strong Ahead of Friday

By Charles Payne, CEO & Principal Analyst
7/5/2017 1:27 PM
Take a Free Trial
Try Charles' premium stock selection services free for 14 days. Check it out in real time! You will get actionable advice, trading ideas and email alerts.

The market has meandered all session long after all the major indices came out of the gate with a fair amount of gusto. The Dow lead them all into negative territory until the NASDAQ and S&P reversed higher, this time trying to drag the Blue Chip index into the plus column.

One bit of good news is the Gallup Job Creation Index, which came in unchanged at +36, and just a fraction off the all-time high established in May, +37. It's been 16 straight months of this read at +30 or greater, the ultimate sign of a strong employment market.

Of course, the big jobs report comes from the federal government on Friday.

One continuing theme from the last earnings period is the damage from an earnings miss to the underlying share price.

O'Riley (ORLY) is getting destroyed after missing the street and is bringing down the auto improvement stocks. Of course, this retail niche has had serious issues and is why we asked newsletter subscribers to take profits last September.

It's going to be one of those earnings seasons for sure.

As for the remainder of the session, the street is eagerly awaiting the FOMC minutes as speculations swirls the Fed is looking to lighten its balance sheet. Right now I love the action in the market, which could have collapsed after an early rally fizzled.

 


 

Add Your Comment


Submitted comments are subject to moderation before posting.


Home | Products & Services | Education | In The Media | Help | About Us |
Disclaimer | Privacy Policy | Terms of Use |
All Rights Reserved.