Coach Mark here.

The stock market was a tad rocky on Thursday experiencing volatility that has been very abnormal for 2024. There are a lot of things weighing on the market as we head into the weekend.

Geopolitics in front and center at the moment with tensions in the Middle East escalating with worries of an expanded regional war more heightened than they have been in months. Secretary of State Blinken stating that Ukraine will become a NATO member yesterday also raised a few eyebrows as well. Needless to say, war and conflict are on people’s minds on this Friday and is putting an extra bid on gold and oil.

The monthly unemployment data came out this morning and it came out hot with 300,000 jobs added. A lot of Fed speakers yesterday questioned the need to cut interest rates soon if the economy is doing well and this unemployment number is not going to change that narrative. Now if the inflationary data comes in supportive next week, well in that scenario market bulls have the perfect macro scenario of strong economy and falling inflation and markets would certainly rally next week if it plays out that way assuming geopolitics does not get in the way. CPI data comes out on Wednesday. Naturally if it comes out hot next week, we have a whole different level of analysis and we will discuss this on the Trading Justice podcast this week.

Oh and we have a little thing called earnings season that is starting up adding a whole other variable to the equation!

I tend to enjoy these types of markets as the style of trader I am but I also am very patient on my moves. No need to be a hero until patterns settle in or moves become extreme.

Have a fantastic weekend and be sure to check out the Trading Justice podcast on Sunday night where we will break everything down.

Chart of the Day: Oil Futures (/CL)

Crude oil remains a chart in focus as we head into next week. Continued upward pressure in oil prices is going to be unsettling for the markets even if inflationary data comes out supportive next week.

Today’s line up

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