The 1280-1285 level on the S&P 500 has turned out to be formidable resistance. We shot up first thing Monday and have tread water all week – not sinking but not moving up either. My guess is that the level will be broken through and the markets will move higher but we’ll see.
If you can predict day to day moves on Wall St. there is a lot of money and fame ahead for you. Many people think and say they can but, no. Selective memory is a terrible thing.
“I say to you, let every man among you not think more highly of himself than he ought” – Romans 12:3
Bonds are slightly higher, gold and oil haven’t moved much, European markets finished mixed.
The employment numbers were a pleasant surprise today. Still, if the unemployment is dropping so much, including even the wider measures that include those who have given up and are not counted in the regular unemployment rate why is the percentage of people working (the labor participation rate) still unchanged? It should be moving up. My guess is a lot of people have been pushed into early retirement while others have gone back to school.
Enjoy the weekend.