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Non-Farm Payroll PreviewBrian Kahn - Thursday, October 4th, 2012
Good Afternoon,
Pretty "large" trading ranges today. Fundamentally, claims were flat, so we will have to see what happens tomorrow with NFP. Usually, if we go up in anticipation of a good number and then it comes in soft, boom, we crash. But equities have just a good chance to go up on bad news as they do on good news. Regardless, I don't think that more than 150k jobs will be created and that isn't good for the job seeker!
Technically, SPX broke out above the trading range:
Past performance is not indicative of future results
What about the IWM? It is lagging, hence the sector rotation we are always keeping an eye on:
Past performance is not indicative of future results
And finally, we had not one, but two BUFFALO BOUNCES. First the GBP/USD and second, the USD/CAD:
Past performance is not indicative of future results
Past performance is not indicative of future results
If SPX rallies, look for 1480-1490 as next resistance. If SPX does fall, look for the trendline to act as new support - if you can call that "falling".
Happy Trading and Be Environmentally Cool
Coach Brian
Forex trading is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose.
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Educational purposes only - no buy, hold or sell recommendations.
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