As a general rule I don’t pay much mind to data releases. In an age of automated trading, I’m not sure if you’d have better luck at the casino. However, when a major data point misses expectation, as NFP this week did (6.3% unemployment rate vs 6.6% expected), I think it’s worth posting a video.
Obviously it would be nice to see the price ladders in addition to the charts – but screen space is limited.
In some respects it was a boring session. Everyone was waiting for NFP and when it finally arrived it was broadly in-line with expectations.
* NFP: 192K as against 199K consensus
* Unemployment rate: 6.7% as against 6.6% consensus.
But having said that, several markets have spent the remainder of the session trending beautifully.
Personally I prefer to sit on my hands until the market is really caught out (e.g. NFP of 100K, Unemployment of 6.5%), and while I am no Technical Analysis guru, the double top and subsequent break lower by the S&P 500 was a really inviting opportunity.
Anyway, that will do for one week – please come back for the next!