Huge gaps in reaction to the non-farm payrolls! That’s why I stay out of the market before this report…not to mention that I was at the bar and friends don’t let friends trade drunk. Most of the majors experienced big reversals and if you thought you caught the breakout you might have been taken out by the snipers.
The good news is that job growth is back on track but unemployment rose from 4.6% to 4.7%. Some analysts attribute the job growth to hiring in the government sector and an overall economic weakness may still prevail, opening the door for further rate cuts by the Fed. The way things are going, I would expect another rate cut soon. But that’s just my opinion.
Have a great weekend!!
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