Rally on Unemployment Data and Big Moves in TQQQ and AMD
Today is the day that weekly jobless claim numbers in the US are released. Analysts are expecting a reading of 204K, after last week’s surprisingly strong 193K print. The weekly claims report is an important datapoint these days. After last week’s strong numbers, stocks immediately tanked, with the S&P 500 falling around 2% last Thursday. In fact, this is the major theme that we see continuing this week as well. When labor data is good, stocks fall, and vice versa. As of writing these words, the market has rallied on this bad news, because higher unemployment means a slower economy and possibly a lower inflation rate.
I had an excellent day trading $TQQQ and $AMD. I had to leave the office early and so this morning’s recap is briefer than usual. You can watch the recap that Brian and I posted here.
At least for the time being, it’s all about jobs and a slower economy. The entire global economy is basically waiting for the US unemployment rate to tick up to 4% so the Fed will then ease up on people.
We already have 20 people signed up for our Florida Live Trading Workshop. I hope we can get to 30 people. That would be amazing! I look forward to seeing many of you there. If you are interested in spending a full day with Brian, Peter, Jarad, Susan, Thor, Mike, and me, please RSVP here. We have received a discounted rate at the Westin, and I will share that with you next week!
To your success,
PS: If you are not yet an Elite annual member, I urge you to take advantage of our current promotion and receive 50% off the cost of an Elite annual membership. In doing so, you will receive one full year of access to everything that Bear Bull Traders offers including all of our educational, psychological, and mentorship resources. More information can be found here.