Charles Green here, Senior Market Analyst here at Traders Agency.
Here’s today Market Pulse 360.
Market Pulse 360 for October 6, 2023
The Non-Farm Payroll report this morning was released at 8:30 AM ET this morning. The number was much higher than expected: 336k vs.170k, double the number that was expected, which is not favorable for the market.
This is one of the three indicators the Fed is watching: (1) wages and jobs; (2) CPI; and the strength of the economy (GDP).
The good news is labor participation is higher (62.8%), which might explain why there are more jobs created than expected. Even though the number of jobs is higher, the unemployment number is 3.8% (the same as last month) vs. 3.5% two months ago.
Wage increase is slowing, only up .2% vs .3%. On balance this is a slightly negative report, but the market only sees “higher for longer,” the Fed position on interest rates to get to his inflation target of 2%.
As expected, stocks are selling off after the open. All three indices (S&P, DJIA, and Nasdaq) are now below the 50-day moving average, and below their year-to-date up trending line.
However, the Nasdaq is holding major support at 13,000. If the Nasdaq closes below 13,000, the lower part of the 14,000 – 13,000 range for the past 3 months, then risk management will be necessary.
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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
