Hey friend,
We got the weekly jobless claims today.
It showed claims coming in at 206,000 – a hair above the expected 205,000.
We also got some services activity data, which outperformed expectations.
Tomorrow – the headline unemployment rate.
Let’s see how the market has been moving.
The Daily Direction
Note: All indexes closed higher yesterday and gapped up higher this morning as well. All index directions – with the exception of the Russell – are back in the green.
Check This Out
Speaking of the market, Ross actually thinks now may be a good time to start buying.
He explains why – including two stocks he’s buying right now – in his latest YouTube video here.
The Daily Nugget
The market doesn’t owe you a clean story.
Traders like when everything lines up.
Rates fall.
Earnings improve.
Breadth gets stronger.
Stocks go up.
Easy.
But markets rarely stay that tidy for long.
You can have strong earnings while investors get more cautious.
One sector can be breaking out while another is getting hammered.
Retail can back away while systematic funds keep buying.
None of those things have to cancel each other out.
The mistake is trying to force all of it into one simple story.
You decide the market is bullish…
So every weak signal gets ignored.
Or you decide it’s bearish…
And every pocket of strength gets dismissed as noise.
That’s how traders end up arguing with the tape instead of trading it.
Sometimes the better answer is simply:
Different parts of the market are doing different things.
So judge the trade in front of you.
Look at the trend.
Look at the sector.
Look at the setup.
And don’t feel like every position has to prove some grand theory about where the index goes next.
Markets can stay messy a lot longer than your story can stay accurate.
The Traders Agency Team
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