News:
On Friday, the latest jobs report came up short of projections, and the market loved it.
The US Economy added just 150,000 jobs in October.
Manufacturing was dragged down by the UAW strike.
Weak jobs data gave the markets more reason to believe The Fed’s rate hikes are over.
The indexes opened green and closed at session highs…
- Dow Jones +0.7%
- Nasdaq +1.4%
- S&P 500 +0.9%
- Russell 2000 +2.7%
Sector Round Up
Of the 11 sectors, 10 posted gains during Friday’s session.
At the top…
- Real Estate (XLRE) +2.4%
- Materials (XLB) +1.6%
- Communications (XLC) +1.5%
The lone loser…
- Energy (XLE) -1.0%
Korea’s Crack Down
South Korean authorities banned short selling through January 2024. And the markets loved it. The Korea-based indexes had the best day since March 2020.
- Kosdaq +7.3%
- Kospi +5.7%
Technicals:
Fear completely vanished from the market over the past week.
The VIX broke out of its rising channel and returned to levels typical of long-term bull markets.
Little more to report as we kick off the first full trading week of November.
Your latest readout…
- RSI levels are neutral
- The put-to-call ratio is neutral
Timing:
Earnings season continues this week.
- Uber (UBER) reports Tuesday pre-market
- Rivian (RIVN) Tuesday after-hours
- Roblox (RBLX^) Wednesday pre-market
- AMC (AMC^) Wednesday after-hours
- Walt Disney (DIS) Wednesday after-hours
Watchlist:
*Low Float
^Open Position
*SHOT resistance at $1.60
^WRAP support at $2.80
LPG on watch
ATGE on watch
ALKT support at $19
SRRK support at $12, resistance at $13
BHVN support at $28
POWW support at $2.80 & $3
Seconard watchlist—float about 100 million
AUTL on watch
PBI support at $4
PINS support at $30