According to the Bureau of Labor Statistics, the US economy created 261k new jobs (vs 195k expected) in October… The unemployment rate rose .2% to 3.7%… Leisure/hospitality up by 35k (surprisingly low), manufacturing by 42k (surprisingly high)… Average hourly earnings were up .4% month-on-month…
Same for Europe so far this morning, with 18 of the 19 bourses we follow trading up as I type.
US stocks are green to start the session: Dow up 352 points (1.10%), SP500 up 1.27%, SP500 Equal Weight up 1.49%, Nasdaq 100 up 1.23%, Nasdaq Comp up 1.12%, Russell 2000 up 1.36%.
The VIX sits at 24.72, down 2.29%.
Oil futures are up 4.56%, gold’s up 2.13%, silver’s up 4.65%, copper futures are up 6.37% and the ag complex (DBA) is up 1.11%.
The 10-year treasury is down (yield up) and the dollar is down 1.08%
Among our 35 core positions (excluding options hedges, cash and short-term bond ETF), 32 — led by MP Materials, base metals miners, base metals futures, sliver and Sweden equities — are in the green so far this morning. The 3 losers are intermediate-term treasuries, long-term treasuries and cyber security stocks.
“A battle goes on in the stock market and the tape is your telescope. You can depend upon it seven out of ten cases.
Another lesson I learned early is that there is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again. I’ve never forgotten that.”
–Jesse Livermore
Have a great day!
Marty