So Close . . .

PUBLISHED Apr 9, 2023, 2:16:57 PM        SHARE

img
imgTom Hamilton

April 7, 2023 – The US markets were closed on Friday due to Good Friday observance, but the S&P futures didn’t close until Friday morning . . . after the US Employment data release. That move higher is not reflected in the daily chart below, but will show up on Monday morning.

Unemployment down to 3.5% and a total of 236 k jobs were created (estimate). Good news for the economy, but not exactly inflation fighting numbers. We’ve seen a run up at the end of the first quarter but the volume has been light. It seems like folks were “window dressing” into large cap tech stocks. Also helping out are a lower US dollar and higher bond prices (lower interest rates). The higher bonds are perplexing in that it looks like bond investors are expecting the FED to stop the rate rise and then lower rates. Trying to anticipate the FED actions may turn out to be foolish and premature. The next FED meeting is May 3 and that will be interesting. This market wants so bad to buy back in, but it’s hard to justify that with the FED trying to slow the economy down.

This latest advance was selective, again in large cap tech & industrial names; it is not broadly based. I look at my longer term weekly model and we’re sooo close to giving an “OK to Buy” signal, but not there yet. I’m light invested and will scale in IF my sector models give a signal.

That’s it for now, Happy Easter to those who celebrate it. Take Care. …………. Tom …………… Price chart by MetaStock; table by www.HighGrowthStock.com. Used with permission.



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