Initial Reaction

The monthly jobs report came out, and although it was a little soft, equity reaction was initially fairly positive. It’s tough to say where these things wind up at the end of the day, because ultimate daily direction often has little correspondence to the initial knee-jerk. As I am typing this, the ES is up 6, having pushed cleanly above its broken trendline yesterday, circled in red (so much for THAT reversal………)

Gold initially had a nice double-digit pop, but as I am typing this (I have to keep using that as a qualifier), gold is up only five dollars. Clearly the forex markets are still digesting this jobs news and figuring out what it means for the dollar (and, thus, gold). All the same, the medium-term picture is still quite positive for gold.

Crude oil’s downtrend is still cleanly in place, although we need to bust that support at 45.50 to get the next bearish boost.

Of course, we’re all completely wasting our time with such tiny, jerky moves, since the true way to riches keeps proving itself………..bitcoin!………which seems destined to cross $5,000 very soon (remember what a huge deal it was when it crossed above ONE thousand dollars?)