Richard’s Thoughts on the Grandfather of Technical Analysis
Daily Recap
US stock indices seemed set to break their eight-day winning streak, ostensibly because of the first actual decline in jobs since the Great Recession. But there was more good news than bad (increase in wages, 4.2% unemployment rate), and bids lifted the market gradually throughout the day.
Overseas, things were mixed. The Asia Dow gained 0.37% and the STOXX 600 lost 0.40%. Three of the four major non-US exchanges in the Americas were lower, with only Chile posting gains.
The US dollar and Treasury yields got good upward bumps from the payroll news, but then settled back. By the close, the US dollar index was down slightly, at 93.81. Yields on the US 10-year note fared better, closing at 2.369%.
Gold once again sold off today, but then spun around as investors dug deeper into the jobs report. At the close, spot gold was trading at $1274.50, up about $6/oz. Silver gained 19 ...
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