Trucharts.com Blog week ending 3/06 and Hot Stocks to Watch Week of 3/9
What a jobs report - wow!! - even our numbers were not close enough to the actual numbers. Our estimate for March jobs report was around 230K on the high side and the number came in at 295K and unemployment rate dropped to a respectable 5.5%. We do not expect any slowdown heading into the summer season - the US dollar rallied and gold got crushed - we stated that gold was heading down in our previous posts - and here comes the probability that the Fed will be pushed to raise the Fed funds rate by June - we expect even that if they raise it by 0.25bp - would still be too low to affect the markets. There will likely be a short-term pullback - we indicated in our posts on fb and g+ that the markets looked extended and a pullback to 2050 should be expected. Also Mar 9th will be the 6 year anniversary of the bull market. The markets will be on the watch out for Fed statements going forward and the strength of the US dollar maybe hurting the export driven companies, but is a good sign for the US and the US economy. There should be some concern around job losses related to the oil industry - which we would expect to see happen within the next few months. We heard on the news of layoffs from HP and Ebay. But job hiring scene is still strong in many sectors. Majority of the job growth was in the in the service industry in the March jobs report. With the Fed still staying the course with ZIRP - we expect that the markets will consolidate here with some pullback heading into the Q2 earnings season. Support for the S&P is in the 2050 area.
Check out the videos and articles we posted on our G+ and FB pages.
Market Stats (from finance.yahoo.com) Friday close:
DOW JONES IND: 17856.78 - DOWN -278.94; S&P500: 2071.26 - DOWN -29.78; NASDAQ: 4927.37 - DOWN -55.44
ADVANCERS/DECLINERS: NYSE: 308/1574; (RATIO ~ 1:3) - NASDAQ: 858/1944 (RATIO ~ 1:2)
UP VOL/DOWN VOL (Millions): NYSE: 673/3177 (~1:5); NASDAQ: 541/1308 (~1:3)
We have been short AEM, IBB (has been hurting but is a hedged position), Long ANGI, TWTR, Z, USO, DATA, LLY.
All of pur positions have calls or puts written against the position(s).
Here are stocks we are watching this week: Looking to short RGLD (or buy puts), Short UAL or buy puts and USO looks like it is pointing to lower oil prices - we have covered calls on USO. Here are the charts.
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Check out the charts we posted in our blog last week.
Good luck trading - please check our page - Why Trucharts.com at: http://truchartscom.blogspot.com/p/why-is-trucharts.html.
Trucharts Team
