9 Minute Read

Tackle Today: Unemployment Comes in Strong

January 5, 2024

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«Services Come in Weak»

Coach Mark here.

I love trading. I really do. I love the action. I love watching my money grow. I love the mental challenge of it. I love analyzing the macro conditions. I love it all. Once I discovered trading, I knew that I had found something that would be part of my life each day I am blessed to be on this little planet of ours 

This morning I woke up and eagerly awaited the unemployment numbers. They came in strong which has been more the trend than not over the last year. I then waited for the next macro-economic puzzle with the ISM Service data that was released after the market opened at 10:00 AM EST. Those numbers came in weak. Strong economic data in one report and not-so-strong economic data in another. What did that mean to me? That I was going to have a lot of theta bleed today. 

You see, I am a theta-oriented trader and view the world through those eyes. Mixed economic data often leads to choppy price action. Choppy price action in equities, precious metals, bonds, and cyclical commodities alike. Choppy price action can create a lot of theta opportunities on both the bullish and bearish side of the equation. Uncertainty in the macro picture leads a lot of the markets to go back and forth in price and a ton of theta-oriented opportunities to present themselves.

Eventually the next big trend will emerge in one of the areas of the market. We are always on the lookout for it at Tackle Trading and breaking down the technicals and macro in our attempt to identify it. Until that occurs, data like today lets me know that I might have a good stretch of theta-oriented plays ahead of me as the market figures out what it wants to do next.

Have a fantastic weekend!

Chart of the Day: Oil Futures (/CL)

Some traders might look at that oil chart and roll their eyes. As a theta-oriented trader I look at that chart as a thing of beauty.

Today’s line up

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