Tackle Today: Jobs Report Exceeds Expectations
December 2, 2022
«Good news is bad news.»
Nonfarm payrolls rose 263,000 for November, and the unemployment rate remained at 3.7%, according to the Labor Department this morning. Economists were looking for an increase of 200,000, so this was officially stronger than expected. Meanwhile, average hourly earnings jumped 0.6% for the month, doubling expectations. Wages were up 5.1% year-over-year, also topping expectations of 4.6%.
While good for Main Street and supportive of corporate profits, signs that the labor market remains robust are not good for Wall Street.
We’re in the “good news is bad news” phase of the cycle.
Remember, Jerome Powell and his merry band of Fed governors want to curb inflation. Wage growth and a booming jobs market fly in the face of this.
Stock futures promptly fell, and we’re looking for a weak open. Time will tell if this is an overreaction or the beginning of a deeper decline.
Video Of The Day: Gino’s Gems – Tackle Trading Discord Server
In today’s Gino’s Gems, Coach Gino Poore walks you through Tackle’s Discord Server (👉 https://bit.ly/jointeamtackle). Discord is the best way for you to hang out and talk trading only to traders and also get your questions answered by the coaches and the community at Tackle Trading.
Chart of the Day: S&P 500 Futures (/ES)
A 5-minute chart of S&P 500 futures reveals how aghast investors were at the better-than-expected jobs report. Let’s see how the market closes and if this is all an overreaction.
Options Theory Blog
Of Put Premiums and Insurance
We’ve seen massive swings in the value of put options over the past few months. There are lessons to be learned here. Let’s begin.
Today’s line up
Traders Lounge 11 AM EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
Cash Flow Club Replay
If you missed last night’s webinar where Coach Greg Holmes talked about Sneaky Cashflow or would like to watch it again, check it out here.
Halftime Report 12:30 PM EST
The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day, and fun in a way that only Matt and Tim can deliver.
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