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Jobs Report Rally Another One-Day Wonder?

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    December 11, 2013

    As I said in my weekend newspaper column, “As long-time readers know, I have always referred to the Labor Department’s monthly jobs report as the ‘Big One’, because it most often comes in with a surprise in one direction or the other that results in a big kneejerk reaction, and a triple-digit one to three day move by the Dow. The other side of the pattern is that whatever is the direction of the initial reaction is usually reversed in subsequent days as the market returns to whatever was its focus prior to the report. So we shall see what happens this time.”

    It’s too early to tell for sure, but it is looking like the historical pattern of a triple-digit move in one direction or the other being reversed over subsequent days, and the market going back to whatever was its focus prior to the report, is working out again.

    In this instance the market’s prior focus was concern about the Fed beginning to remove its QE stimulus, which had had the market down for 5 straight days leading into Friday’s report.

    And as I also said in the newspaper column, the jobs report did not change my expectation of a 5% to 8% short-term correction.


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    And also our signals and forecasts of what we expect next for gold.


    By the way:

    Speaking of our forecasts, the new issue of Timer Digest just arrived. It reports:

    “Several of the forecasts from our universe of subscribers were noteworthy for their accuracy. For the 1st Qtr 2013, the Dow closed at 14,578.54. There were 5 First Quarter forecasts
    of between DJIA 14,000 and 14,400; specifically from William Ferree, Sy Harding, Stan Harley, Bernie Schaeffer, and Dan Sullivan.”

    To read my weekend newspaper column click here:  Will The Real Economy Please Stand Up-

    Subscribers to Street Smart Report: NOTE: The regular in-depth ‘Mid-Week Markets Update’ will be out tomorrow, and a new ‘Global Markets Update’ later this week.

    And the next issue of the newsletter will be out on Wednesday of next week (the 18th), a week early, since the regular schedule would have landed it on Christmas Day.

    As usual those will be in your secure area of Street Smart Report.com 

    And as usual, those are in addition to the charts and commentary in the secure area of this blog this morning.

    Images: Flickr (licence attribution)

    About The Author – Sy Harding, Street Smart Report

    Sy Harding publishes the financial website Street Smart Report Online and a free daily Internet blog at Sy’s Free Blog. In 1999 he authored Riding The Bear – How To Prosper In the Coming Bear Market. His latest book is Beat the Market the Easy Way! – Proven Seasonal Strategies Double Market’s Performance!

    It includes our research and analysis on the economy and markets, and provides charts and buy and sell signals on the major market indexes, sectors, bonds, gold, individual stocks and etf’s, including short-sales and ‘inverse’ etf’s.

    It provides two model portfolios as guides. One is based on ourSeasonal Timing Strategy, one on our Market-Timing Strategy.

    In depth updates are provided every Wednesday, with interim ‘hotline’ updates every time we make a trade. An 8-page traditional newsletter Street Smart Report is provided on the website every 3 weeks, in pdf format for viewing or printing out.

    There is the Street Smart School of online technical analysis ‘seminars’,commentaries to keep you ‘street smart’ about Wall Street, and much more.