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What Powers This Rally

The eventful day I promised in S&P 500 and for risk taking arrived, and S&P 500 pressure to go higher was released via a one way rally. Indeed an eventful day with non-farm employment change (SME barometer) providing ample intraday opportunities to capture – together with some stock picks among discretionaries such as LULU that I had talked good seven days ago. That oil bounce having materialized right on cue, did wonders also for other real assets.

What‘s though most remarkable, isn‘t just the rally on underwhelming employment change, but the quick reversal of strong services PMI. I interpret that as cheering over corporate profits not being that badly hurt down the road, about demand not disappearing right now. Simply put, soft landing or resilient economy is better than stagflation supportive data or sharp recessionary turn. Let‘s not bring up Chicago PMI…

Today‘s unemployment claims won‘t rock the boat – it‘ll be a good opportunity for breadth to (try to) improve, and on my watch are chiefly Russell 2000 and financials.

To answer the opening question, it‘s this chart – and let‘s not leave out HYG, JNK or LQD.

S&P 500 and Nasdaq

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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 3 more of them, with commentaries.

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Crude Oil

S&P 500 and Nasdaq

Quoting yesterday‘s analysis, oil is approaching extreme pricing levels, and while its woes aren‘t over (thanks to weakening economy and consumers feeling less affluent), we are to get a decent bounce this week that would help real assets and equities alike.

It‘s more than positive the rush to real assets allowed copper to reclaim another lately talked must-hold support of $3.55. Sugar has also risen sharply yesterday, which bodes well for the whole commodities complex – $.20 isn‘t that far away.

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All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.

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