Friday, June 5, 2009

06.05.09 - Big Jobs Reaction

Large oscillations in the pre-session and first hour put in a normal day's full range within minutes, yet left price only somewhat higher. The big trades of the day were really the opening fade and first reaction bounce off of the Five-Day Moving Average/ Pivot and back to the VWAP.

Since then price action and internals have been mostly choppy, albeit with a mild upward bias. Some large tick readings just now should be respected at the mid-day. Also, emerging markets (EEM) are popping in spite of the strong dollar (UUP), suggesting some residual risk appetite.

Bill Luby wrote earlier about the 200-day EMA; I note that we are now above that level for the S&P 500. Furthermore, that line has mostly flattened over the last week's trade.

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