Stock Market Update Friday December 8, 2023 Today's nonfarm payroll report was exactly what stock investors wanted to see, slightly better than expected, to the tune of about 14,000 jobs, with approximately 50,000 jobs just returning strikers. The numbers were neither too hot nor too cold they were perfect. The University of Michigan sentiment data was stronger than expected, and stock investors liked those numbers a lot. The stock market was bought immediately. It's worth noting that the University of Michigan sentiment data is only a survey of 400 people, so it's rather staggering to think about how much the markets moved around based on those two pieces of information.
When the stock market closes up on a Friday with a positive jobs report, it is incredibly good for the government to show the public that the economy is very strong and healthy. The news will highlight the fact that people have jobs, the stock market is doing great, and that it's okay to go out and buy that big-ticket item you were thinking about over the weekend.
Away From Stocks:
WTI crude extended its bounce above $71 a barrel, gold fell to $2,003 per ounce, and the VIX retreated to near 12. Fixed income was much weaker, while the dollar enjoyed a decent bounce. The metals were hit hard because of the jobs report, with silver losing 3%, and gold 1.5%, while the GDX ETF gold miners were weaker as well.
The DAX closed at an all-time high today Friday December 8, 2023. Stock market rallies typically end on good news not bad.
Our Algorithm Support levels are incredibly accurate sign up now for our premium membership.
Our new premium chart is the USO ETF for oil, which will be added to Discord. Regarding the seasonality for crude oil, the best time to buy is in January/February. We will wait until our algorithm gives us a buy alert.