This morning, the S&P 500 Index e-mini futures (ES-H3) are trading higher by 8.00 points to $1501.25 per contract. The catalyst for the move higher in the stock futures is once again the slow motion job growth in the United States. Just a little while ago, the U.S. Labor Department released the non-farm payroll report for January. The report stated that the U.S. economy gained 157,000 jobs, analysts expected 168,000 jobs. The unemployment rate ticked up to 7.9 percent. Believe it or not, the weak number is bullish for the stock markets. It tells investors that the Federal Reserve Bank (U.S. central bank) will continue to implement its easy money quantitative easing measures as long as the unemployment rate stays above 6.5 percent. At this rate, nobody knows when the unemployment rate will ever reach 6.5 percent. The bottom line, when there is going to be more money printing the stock markets will continue to inflate.
Last night, the Asian stock markets were mixed. The big winner in Asia last night was the Shanghai Index (China). This tells us that the Chinese ADR's could be in play today. Traders should watch for early strength in equities such as China Mobile Ltd. (ADR) (CHL), Baidu.com, Inc. (ADR) (BIDU), SINA Corp (SINA), Market Vectors China ETF Trust (PEK), and the iShares FTSE/Xinhua China 25 Index (ETF) (FXI).
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Friday Report: Jobs, Europe, And China Are All In Play
Published 02/01/2013, 10:30 AM
Updated 07/09/2023, 06:31 AM
Friday Report: Jobs, Europe, And China Are All In Play
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