6/5/23 Get a Job & Ditch The Gold


Friday belonged to the bulls

The markets cheered another blow-out jobs report.

US employers added 339,000 new jobs to the economy in May, far above the pre-pandemic average marked in blue…

Chart by the NYT

The indexes all posted solid gains during Friday’s session…

  • Dow Jones +2.1%
  • Nasdaq +1.1% 
  • S&P 500 +1.5%
  • Russell 2000 +3.6%

Weekend headlines offered renewed hopes that the predicted recession may be avoided.

Sector Round Up

All of the 11 sectors ended Friday in positive territory.

At the top…

  • Materials (XLB) +3.4%
  • Energy (XLE) +3.0%
  • Industrials (XLI) +2.9%

Bringing up the rear…

  • Utilities (XLU) +1.0%
  • Technology (XLK) +0.6%
  • Communications (XLC) +0.1%


The Russell 2000, representing the small-cap and most risky stocks, logged a technical breakout above a multi-month resistance on Friday…

RUT Daily Candles – Chart by thinkorswim

The breakout is a clear signal from buyers. They are growing bolder as the signs of a recession fade.

The daily read out…

Our outlook remains bullish.


This week’s news cycle is likely to be quiet. No major economic events are scheduled. And most Q2 earnings reports have been posted.

Today is a notable 90-year anniversary. On this day in 1933, US President FDR ended the gold standard in the United States. 


*Low Float
^Open Position

*SDA on watch
*AMAM support at $14
*WLDS support at $1, resistance at $2
*RMTI on watch
*VIRI support ta $1.40
*GSIT support at $7
INOD support at $10
AEHR support at $40
EFTR on watch
NNOX support at $20
BHVN support at $20
APLD support at $9
OMER support at $7
^PLAB support at $20
BTBT support at $3
KOPN support at $1.80
^AI support at $30
CNVA support at $15
NVTS support at $8

Secondary watchlist—float 100+ million

EVLV support at $6
ZUO support at $11
LTCH key level $1.20
resistance at $12
^MVIS support at $4.50
PSTG support at $32
^PLTR resistance at $15

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