NFP Number
Equity charts
7:30CST will see the release of October Non Farm Payrolls and here is what’s expected (Zhedge):
Nonfarm Payrolls exp. +600,000 (range 0.300mln-1.221mln, prev. +0.661mln);
Unemployment rate exp. 7.7% (range: 7.0-8.0%, prev. 7.9%);
U6 unemployment (prev. 12.8%);
Participation (prev. 61.4%);
Private payrolls exp. 0.700mln (prev. 0.877mln);
Manufacturing payrolls exp. 50k (prev. 66k);
Government payrolls (prev.-216k);
Average earnings m/m exp. 0.2% (prev. 0.1%);
Average earnings y/y exp. 4.6% (prev. 4.7%);
Average workweek hours exp. 34.7 (prev. 34.7).
We would suspect a weaker number will hit equities and perhaps lead to a reversal of this equity led election strength. The Nasdaq looks vulnerable:
The SP500 has had significant problems around this 3525/3530 area and we would suspect a head fake tomorrow to take it out and reverse lower:
The DAX is at our Bull/Bear line and we would suspect a trade below 12511 will turn US indices lower with it:
Alright, not to confuse our base readers as we stated in our earlier post the current US equity technical set up is longer term bullish, but right now we have some technical’s that seem ripe to roll over short term and take an Election Night breather.
We will continue to monitor the US Election outcome and we suspect the lawsuits will force a few recounts and uncover some major inconsistencies across these key battle ground states. Our readers know statistically some of these things aren’t adding up, not to mention we highly doubt Joe Biden bested Obama’s turnout but we digress, we will let this play out as it should.
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