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John Mylant
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Residing in Colorado Springs, Colorado. Has been trading and coaching using a self-developed option trading system for 10 years. Philosophically conservative, accurately trades weekly options with a strong risk management approach. Well sought after by investors around the world, he teaches a... More
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SPY Technical Analysis
  • ETF SPY: Job Report A Bit Down Go Markets! 0 comments
    May 4, 2012 8:46 AM | about stocks: SPA

    Friday's Trading news!

    Unemployment seen steady at 8.2%. Nonfarm payroll data for April is due out this morning, with economists expecting that the figure climbed by 165,000 following a 120,000 gain in March, and that unemployment stayed steady at 8.2%. CNNMoney notes that the rate would be over 11% if the 6M who say they want to work but haven't looked a job in the last four weeks were to start applying again.(click to enlarge)

    Markets were on edge Friday ahead of crucial U.S. jobs figures and weekend elections in France and Greece that could have a big bearing on how Europe's debt crisis plays out over the coming months.

    Before the elections, investors have the monthly U.S. government jobs report to digest. It often sets the market tone for a week or two after its release as it's considered the key barometer of the health of the world's largest economy.

    Employers decreased hiring for the second straight month in April but the unemployment rate still fell to 8.1 percent, giving mixed messages about the economy's strength ahead of President Barack Obama's November re-election bid.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: S P 500, ETF Stocks: SPA
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