On Friday we see the release of the famous non-farm payroll data. Last month saw an impressive 200k jobs created, although it was noted that about a quarter of this was down to seasonal delivery and courier jobs. Market participants will be watching closely to see if the up tick in employment will continue. At the moment the average prediction is looking for an increase of 150k, although this may change after the release of ADP on Wednesday.
Guru’s thoughts: I think that market participants will be running out of reasons to be long the stock market around now. We have seen huge rallies and it feels like it could be slightly overdone. If NFP comes out poor, then it could be the icing on the cake and encourage longs to covers at least some of their positions.
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