- Companies rush to list shares - WSJ
- Jobs data shouldn't be cause for alarm - WSJ
- Crowdfunding rules arrive: angry face, sad face - Alphaville
- The face behind the Euro - Alphaville
- Emerge, splurge, purge - Economist
- Poul Anderson
Well, folks, it is the first Friday of the month. Non-farm Friday, as goes the popular sobriquet. To the surprise of many, the S&P 500 has held its ground after Tuesday's major move higher - I, too, might have expected some more profit taking during the middle of the week.
I am of the thought that today's NFP data will only matter if it varies widely from already-muted expectations. I could be wrong, though. Today could be the day it all comes crashing down - I highly doubt it, however.
Asian markets settled somewhat mixed overnight, as the Nikkei added 0.92%, while Chinese markets drifted lower (Hong Kong -0.19%, Shanghai -0.4%). European markets, as of this writing, are slightly lower as well - FTSE -0.28% and the DAX -0.78%. Mario Draghi "disappointed" yesterday by making not a single policy move in the face of what many consider increasing deflationary pressure.
US futures are all barely higher - S&P 500 e-minis are sitting at +1.75, Dow +14, and Nasdaq +1.50. They will continue to tread water until employment data is released at 8:30am EDT.
My present stance in the market is still bullish. I have closed several positions this week, to include BAC and XHB. I have sold some March premium in TSLA and SCTY, and have a couple of long-call positions in some other names. Additionally, my GDX Jan/Mar (rolling front-month) 24.5/27 diagonal spread has been performing nicely. Barring any major shift in sentiment today, I will continue to trade around current positions - taking profits when granted and adjusting any "difficult" positions accordingly.
Here's to closing out the week on a good note.
Put the odds in your favor today.
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