80K jobs created. Rate drops one tenth of one percent to an even 9.0
Another 200 point range in the Dow Index; 25 handles in the S&P… Right now as I write this, Dec Dow futures are at 11,840, down 138. Gold is 10 dollars off its high at 1766, with another 16 dollar trading range.
Important: The Trend line in December gold gives us support today down at 1732.
The trend line intersection points: 1) Sep 6th high at 1923.70… 2) October 28th 17.54
3) Wednesday’s intersect of that trend line at 1738, although it took the trend line out by 7 bucks with a high at 1745. Wednesday was a classic head fake from a trend line. The market moved through it intra-day, but settled well below it.. Yesterday and today’s action with it well above the trend line is more of a confirmation. Certainly, be ye a bull or a bear, you have to be watching this trend line.
Grains are sideways to lower. Grains are basing for a move probably which will be sparked by next Wednesday’s Nov 9th USDA crop report.
I’d go home flat over the weekend. Too much risk either way with the continued political theater in Greece. I would be long gold against this trend line. Best way to do this is buy some 1900 or 2000 calls now.
Have a great weekend.
CER
