Will Employment Numbers Provide the Goods?

Wall Street indexes closed on Thursday lightly up, but ended far from the daily high as investors were on pins and needles in advance of the meeting between the presidents of China and the U.S. The leaders of the two world powers met yesterday after the closing bell in Florida, a meeting that will end only today in the afternoon.

Investors are tense seeing that China’s president is thought of as a seasoned politician with experience aplenty in like matters, Trump, on the other, just a rookie on the world stage. The meeting stands to set the tone of what’s going to happen in the future, and of course, nobody wants to see a negative tone coming out of the meeting.

In Summary for the Day: the Dow Jones tacked on 0.07%. The S&P 500 ended with light gains of 0.19%, the NASDAQ rising 0.25%.

Yesterday, the good news was that the bears didn’t succeed in fostering downward momentum after Wednesday’s large negative reversal. The bad news was that the rebound attempt was particularly weak. It could be that there were a few “correction buyers” who kept the index above water, but there certainly weren’t enough buyers desirous of chasing prices higher.

Market players now have their eyes on the lookout for the March employment report which stands to be released today before opening. A strong reading on the ADP report on Wednesday had led to the day’s market rally, until the Fed minutes then led to a sharp downward reversal. The big question now is in the event that today’s employment numbers come out strong, would that bode well in light of the prospect of a reduction in the balance sheet of the Fed?

Indexes are at a dangerous point technically speaking, but in the meantime the bears have succeeded in wreaking little damage. There’s been an inflow of bad news which could have easily justified more aggressive selling in the market but the market’s been low on emotion, making that beyond the realm of possibility at present. There were good reasons to worry after the Fed’s Wednesday minute release, though, up until the market opened on Thursday, correction buyers were steeled and ready – primed to jump in and not let any further negative momentum develop.

The response to today’s employment numbers will be useful for understanding the market forces at play. If market players want to see strength to be able to exit their positions or alternatively, are too slow and hesitate before buying the market corrections, bears will have a little bit of momentum on their side. With that said, negative momentum has been rather rare in the current market, and betting against the market has usually proven itself a losing bet.

On the S&P 500, 8 stocks recorded new 52-week highs, 4 falling to new yearly lows; on the NASDAQ, 71 stocks recorded new 52-week highs, 69 falling to new yearly lows.

Trading volumes came to 6.4 billion shares, beneath the 6.8 billion average over the last 20 trading days.

Friday: The consensus for today’s employment report is 180 thousand new positions in the job market for March, the unemployment rate expected to remain stable at 4.7%, hourly wages expected to climb 0.2%.

IndexLastDaily changeR2R1PPS1S2

Hot Stocks: ALR

IPOs: None

Have a great trading day!

Economic Calendar


DAYTIME (EST)EventForecastImpact
Monday10:00ISM Index57.0High
Monday10:00Construction Spending1.0%Medium
Monday14:00Auto Sales0.2%Low
Tuesday10:00Factory Orders0.9%Medium
Wednesday8:15ADP Employment Change175KHigh
Wednesday10:00ISM Services57.0Medium
Wednesday10:30Crude InventoriesLow
Wednesday14:00FOMC MinutesHigh
Thursday8:30Initial Claims245KHigh
Friday8:30Nonfarm Payrolls180KHigh
Friday8:30Unemployment Rate4.7%High
Friday10:00Wholesale Inventories0.4%Medium



Earning Calendar


MONMonsanto CompanyAMWednesday
WBAWalgreens Boots Alliance, Inc.AMWednesday
YUMCYum China Holdings, Inc.PMWednesday
BBBYBed Bath & Beyond Inc.PMWednesday
KMXCarMax Inc.AMThursday
STZConstellation Brands, Inc.AMThursday
PSMTPriceSmart, Inc.PMThursday
ALRAlere Inc.AMFriday


Today’s Picks – Day Trading!

AFL73.33 AKRX 
HFC 26.23  


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113.4.2017GMEShortOpen +2.42%
125.4.2017IPXLLongOpen +3.50%