Non-farm payrolls came out at 517,000 — that’s twice the number that it was last month… and three times what analysts expected.
The job market is hot and the Fed has got to be worried about that!
Unemployment at 3.4%. It’s never been that low since I’ve been alive. It’s been 53 years since unemployment has been at 3.4% in the United States.
Because of all of this, markets are getting tough to predict — as are the economic estimates.
The market yesterday was up massively on the back of the Fed apparently taking it easy — and now they’re off again today in fears that the Fed is going to react in a harsher way.
I think that’s the direction that the Fed is going to take. They’re going to continue to tighten. They’re going to tighten more than markets expect and ultimately markets are going to go down.
But it’s been a wild ride.
► For the time being, the only trade I can think of for today is to take profits on your GLD trade if you joined us in that play almost 2 weeks ago.
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