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The Dow Futures Report
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Stocks Mixed ahead of Jobs Data
Fri, Apr 4 2008, 12:07 GMT
by Carley Garner
**Read my article “Tips and Tricks” in this month’s bonus issue of Stocks and Commodities!!!
After a weak open, stocks made their way higher on Bernanke testimony a positive ISM number and anticipation of tomorrow’s employment report. It seemed as though the markets were reluctant to make any major moves ahead of the jobs data due tomorrow morning.
Fed chair Bernanke was left to defend the Fed’s actions in bailing out Bear Stearns. In the face of criticism Bernanke assured the Senate Banking Committee, “Given the exceptional pressures on the global economy and financial system, the damage caused by a default by Bear Stearns could have been severe and extremely difficult to contain.”
The Dow will likely have a difficult time making its way above a band of resistance from 12,700 and 12,800, but it may be tomorrow that makes or breaks the market. Analyst estimates for the non-farm payrolls is modest at best. Most are looking for a draw of a bout fifty thousand jobs making the target extremely attainable and keeping the odds in favor of a knee-jerk reaction to the upside for the major stock indices. The question will be whether or not the Dow will hold onto gains going into the weekend.
Please note: A mini-sized Dow chart is used because it is better for charting purposes, but trade recommendations are based the full sized Dow unless otherwise noted.
Dow Recommendations...
**There is unlimited risk in naked option selling and futures trading
Position Trade –
- April 1 – Sell 1 April Dow 130 call for $600 or better (this can be done in the mini instead for $300!)
Please note: A mini-Nasdaq chart is used because it is better for charting purposes, trade recommendations will denote whether a mini or full sized contract should be used.
Nasdaq Recommendation
**There is unlimited risk in naked option selling and futures trading
Position Trade – Flat
Published on Fri, Apr 4 2008, 12:16 GMT
Archive
- US Equities higher on better than expected pending home sales
Published On Wed, Jun 3 2009, 07:52 GMT - Sustainability of funding for economic recovery comes into question
Published On Thu, May 28 2009, 06:04 GMT - US Stocks rally as consumers sense recession may be bottoming
Published On Wed, May 27 2009, 06:17 GMT - US Stocks fall
Published On Fri, May 22 2009, 06:52 GMT - US Stocks retreat from early gains
Published On Thu, May 21 2009, 06:39 GMT
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