Charles Green here, Senior Market Analyst here at Traders Agency.
Here’s today Market Pulse 360.
Market Pulse 360 for July 7, 2023
After a really hot ADP number (private payrolls) yesterday, today’s Non-Farm Payroll (all payrolls, except farm workers) number was less than expected: 209k vs 240k. The May NFP number was revised down from 339k to 306k.
Conflicting data? This is the limit of backward-looking data for forward-looking monetary policy. The labor market is certainly cooling, and this is why the Fed paused the last FOMC meeting.
The Fed may raise the interest rate 0.25% at the next FOMC meeting on July 26th, but the Fed is even closer now to being done after todays’ Non-Farm Payroll.
The most important data: the indicators are going in the right direction. The June jobs report was the first MISS in more than a year!
The Fed must be more concerned now about going too far than he was last month when he paused. It’s possible he will do nothing at the next FOMC meeting July 26th. Regardless, he’s nearly done or done!
The best strategy is to continue to position in high quality stocks and ignore the everyday noise in the market. Patience will be rewarded going forward. Big selloff days like yesterday going forward are buying opportunities.
On a technical basis, intraday yesterday the NASDAQ held above major support at 13,500 and closed HIGHER than where it opened.
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A Bit More About Me
My specialty is understanding financial markets and the drivers that influence longer-term direction. I’ve been an active trader focusing primarily on stocks for over 20 years.
I’ve also:
- Been an adjunct finance professor for nearly 20 years
- Worked as a financial consultant with Merrill Lynch managing millions of dollars
- Earned a Master of Science Degree in International Business and Finance from Georgetown University and a Bachelor in Arts Degree in International Studies from George Mason University.
- Spent 14 years as a Marine (I enlisted at age 17) traveling all around the world
My education, work and life experience gives me a broad view of the world, financial markets, and life in general that informs my trading and investment decisions.
My passion is helping others to take advantage of the best market opportunities to achieve their financial goals.
This gives me the greatest satisfaction, and it’s the reason why I continue to teach in the classroom and outside of it today with every activity in which I engage. I believe that I succeed only if clients succeed.
I am a very unlikely success story. And this is only because I believe that anything is possible with the right knowledge, focus, and winning mentality! When you have that, success is just a matter of time.
Charles Green
Senior Market Analyst, Traders Agency
