The jobs report is just, oh, so good! Or, so the gov’t would have us to believe. But, the facts are these… 156k new jobs is not near enough. Unemployment rose to 5%. And, those NOT participating in the job market rose to a record of more than 94,000,000! While the ‘spin’ is that this is great; it has the stock futures off a bit, as they fear the rate hike threat. On the other hand, the metals market is understanding that this is not a report that should really be of any major concern to them, and that the economy is still tepid, barely lukewarm, and poses no real cause for alarm. The report was not hot, and the threat is minor, at best! The metals are responding accordingly, and a recovery of sorts may commence.
Checking in at 12:45 pm EST and I see the metals off a bit. I like that! I’m thinking that with this kind of action, the timer is going to get all set up… Then, we’ll want to await the new rally surge, so as to get on board.