A huge downside miss in the jobs data but markets and metals are breaking higher

May 7, 2021

Marc Chandler, Managing Partner at Bannockburn Global ForEx joins me to recap the jobs data today that massively missed estimates to the downside. However markets and a wide range of other sectors are up today. We discuss the markets reaction including metals and the USD.

Click here to visit Marc’s free blog – Marc to Market.

    May 07, 2021 07:13 PM

    Jerome Powell is Stealing From the People – Dr Ron Paul on Inflation and Moral Bankruptcy at the FED

    Jay Martin, Cambridge House – May 5, 2021

    “In a wide-ranging conversation between Dr. Ron Paul and Jay Martin, they discuss social division in the United States, moral bankruptcy in the economic system, and several possible paths forwards from these crises. Dr. Ron Paul shares his view on everything from the importance of liberty and self-reliance, to various states’ COVID responses, through to Gold, Cryptocurrencies, the US dollar, and the fall of the fiat system.”

    May 07, 2021 07:15 PM

    It absolutely amazes me that Americans think that they can have this huge military machine that is no longer supported by a real economy. Their roads, Hospitals, Schools, and infrastructure is crumbling, the decay is everywhere and has been since The Vietnam War. Just go to their inner cities which had industry and were very vibrant seventy years ago and now they look like a war zone. No wonder they can’t figure why other countries see them in a negative light. American was once the guiding light now they are the symbol of what not to be. They have destroyed any vestiges of the vision that was set forth by their founding fathers. DT

      May 07, 2021 07:38 PM

      America doesn’t even produce one luxury car. Their industry is old and antiquated. I could go on for ever but nothing will change until change is the only thing left and then it won’t matter. DT

        May 07, 2021 07:07 PM

        DT – I agree with much of what you said except the last par.

        Cadillac is a still a well-respected luxury car in the US, based out of Michigan.

        While Nissan is a Japanese brand, now there is a major headquarters in Tennessee that has vibrant auto manufacturing plant, and they make Infiniti vehicles there – another luxury car.

        Also don’t forget about Elon Musk (although he may be an alien) and Tesla. He’s going to take the US from making luxury cars, to investing in Bitcoin and Dogecoin, to landing rockets on the US space station, to eventually moving humans on to the mission to Mars. LOL! 😉

    May 07, 2021 07:03 PM

    Gold was stuffed perfectly down to a fork resistance to finish the week but that’s okay; the picture IS bullish.

    May 07, 2021 07:07 PM

    Nice to see my Jr’s moving ever upward. Like Lion One, for a change…

      May 08, 2021 08:11 AM

      Agreed Buzz. It’s actually been a pretty good week for most of the resource stocks from Base Metals to Precious Metals, and from Battery Metals to Uranium stocks.

      I’m still surprised by the lack of enthusiasm and negative sentiment in the PM space, but as Matthew mentioned yesterday, this likely bodes well for the next leg higher having longer to run as this move higher has been doubted since the double bottom in March. Even if this has been nothing more than a countertrend rally, it has already caused a number of charts in both Gold and Silver and the miners to break out of their downward trendlines, and it has put a bit of strength back onto the charts. Things aren’t completely out of the woods yet for the bullish thesis, but it is looking much more positive with the way things finished this week, and has still been a good tradable rally for anyone that was buying the metals or miners at lower prices.

      Any way you slice it this action has been far better than the anticipated crashes to the low $1600’s or high $1500’s or Silver to $22 that we heard about from multiple technicians for most of Feb/March for April & May. Now maybe things will turn back down, but even if they do correct from here, it will have happened from a higher level, and may not be as dire as many anticipated. Conversely, if the metals and miners do keep running from here, then it will catch both bears and doubting bulls off-sides, and will have many people on the sidelines having sold at the wrong times, and have people chasing things higher. As the saying goes, “The Bull likes to shake as many riders off his back and inflict the most pain to traders on both sides, as he climbs the wall of worry.”

      Whether this was a relief rally or the beginning of the next rally higher, it has been a good opportunity for gains for those that capitalized on the lower prices presented a few months back that added more, as long as people trim back some of the profits they made. I trimmed a few companies positions positions sizes back into the strength the last few days, just to raise a bit more dry powder, but am also happy to have seen the portfolio at a new high water mark to end the week.

      Yes…. Ever Upward indeed!