Good Morning Traders and Investors,
Does a positive jobs report mean the phones are going to be ringing off the hook at the ski resorts?
Well, with 7 straight days of snow in the forecast, conditions are ripe for an increase in phone traffic in the Wastach/Park City region.
Does the jobs number point to an increase in retail sales and an overall continue to the recovery?
Let’s go to the charts….
The $SPX still has resistance (lasting almost a month) at 1115.00. As we know, the trend is up, BUT the charts need to make a higher high to continue the trend. As of now, we have that new intraday high on the charts, but let’s see how we close going into the last hour of trading and more importantly the weekend. I repeat, the close is important!
As I mentioned last week, Bear Calls have worked well as we have primarily been sideways over the past few months – slow growth is what we want!! Your out of the money calls (number one way to generate income in your 401K/portfolio) would have worked very well for most sectors/stocks.
The dollar is up over the past two days, but still very close to its lows overall against the majors.
Happy Trading and Be Environmentally Cool
