Dear Friends,
Today the Dow actually drops by 150 points in the open, following the weak performance of Asia and European indices. However, 2 hours into the opening session, Dow actually clawed back its losses. Now it is just 20 points off.
US market does seems to be bullish still. It does seem that there has not been a correction yet, not with this good comeback. I am still waiting for a weakness in the index. I am still looking at whether the index can drop for 3 consecutive days. On Friday, Non-farm payroll beats the expectations with a actual result of 175k against 167k. This indeed came as a surprise to me and Wallstreet as Wednesday ADP employment figures did look very bad. Wallstreet actually expected a bad result.
In the end, on Friday, Dow climbed 200 plus points. This is the result of a good employment figure. This employment figure actually saves DOW from collapsing. All seems to have shown Dow dropping before the report. In the end, the fundamental report saves the day.
Carrying forward, with today's bullishness in the market, I think the downward spiral momentum has not yet arrived. It might take really something to dent this US market confidence.
Rgds
Daniel
www.danielloh.com
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