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Wednesday, April 10, 2019

Daily update 4/10 Did the Jobs Report Give You a Peaceful Easy Feeling?

Bizarre day.  The bulls piled back into small caps like it was a mistake to sell them yesterday.

I think the bulls are making an effort to support SPX above the Jan. 2018 high.  They were successful today.  Breadth was +71%.  New highs picked up to 126.  New lows were stable at 10.

The futures bounced off the 20 SMA, but have not reached a new high yet.  Maybe tomorrow.

The green count recrossed the 50 line. 

Last night I said I thought it was odd that small caps sold off so hard if the reason for the selling was trade tariffs.  I guess other people must have thought that as well since they went on a buying spree today.  What happens now?  I don't have a clue.  We will have to see how the market reacts to earnings.  It is rather odd to have estimates lowered this much and the market fly up.  Usually the market moves lower then companies beat and stocks fly up.  I wonder if it will take really big beats to raise prices.  Misses could get beat up bad if the stock was recently rallying.  I think it will be an interesting earnings season. 

This is a pretty good look inside the latest employment report.  Given the drop in the JOLTS job openings data we need to keep abreast of what the job market is doing.  Did the Jobs Report Give You a Peaceful Easy Feeling?


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