June 5th Watchlist
ADP Private Payrolls came in above expectations, adding 135K jobs in May. However, economists are speculating job growth is slowing. ISM figures are scheduled for 10 AM & we have the Beige Book coming out at 2 PM so be sure to watch the reaction on the broad indexes once these reports are released.
Futures are down this morning after the Nikkei again got hit for 3% supposedly off a reaction to the prime minister's ideas for future stimulus programs. $163 on the SPY is a big level for us so watch to see if investors support us at that area.
The trend as of late has been to promote a long trade off the open and then sell off towards the afternoon sessions. Consequently, I would recommend caution on any long trade and make sure your time frame is minimal so stick to the scalp style trading. The short seems more ideal but remember you have to hold through a lot of short squeezes and choppy price action so that's not that easy either.
GOOD MORNING YOUNG WORLD!
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