Expect Side Way Trading to Slightly Positive Till This Friday’s None Farm Payroll
Not much to update today. Jolt report released today shows new job openning is much weaker than expected. Nvidia continue showing weakness after yesterday’s $300B market cap evaborated.
I expect market to take a breather after yesterday big sell off to trade side ways to slightly positive until this Friday’s job report. I foresee Friday’s job report will give the market another shock pushing for further corrections to the down side.
Oil continue to slid even there was news OPEC+ may delay its production increase. The attempt to support the oil price was short lived. After a quick bounce the sell off resumes. This is another indicator that economy weakness is ahead. China 5 months staight decline on manufacturing PMI and yesterday’s US manufacturing PMI was also much lower than expected. Yields rates also uninverted today giving more fear to recession worries.
I am still holding SCO (2X oil short), QID (2X short NASDAQ 100), and SDS (2X short S&P 500). These are continue to look very attractive to me and believe good profits are to be made.
Please note, none of my comments are financial advice. I am only sharing my thoughts and where I am investing. Always do your own research and invest diligently. Look at facts without emotions and take profits where you can.
Good luck and cheers.
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Retailers must include gold in their portfolio during rate cut cycle and economic slowdown. Consider NEM, GDX, GLD, GDXJ
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