Nov 7th 2014 – Records Broken Again

According to the jobs report for the month of October today, the economy is improving.  At least according to the % of unemployed.  It came in at 5.8%, a 7 year low.  Indeed as impressive as that stat is, the amount of jobs created was not very impressive and came under what was expected.

Still, somehow this week, that has been completely sideways, did what it had done for the first 4 days of the week and neither crashed nor shot for the sky. Just a plain vanilla week.  Although, don’t get me wrong, I am not grumbling, in real terms it still closed up from last Friday and I’ll take it.

For me the market is still showing strength as any attempts to pull it down have been bought, so it is rather an impressive show really.  Perhaps we will see a similar week next week as market participants continue to be unsure of what to do next at these historic highs.

In conclusion, the trades I am in since the middle of October when we bottomed out are still in place, and will be till the trend changes.  But for now the trend remains my friend!

Market News:

U.S. stocks wavered on Friday, with the S&P 500 and Dow industrials setting their loftiest finishes, after data had the U.S. economy producing less-than-expected jobs in October and the unemployment rate declining to a six-year low.

The Labor Department report, which had payrolls increasing by 214,000 last month, less than the 231,000 anticipated, However the jobless rate came down to 5.8 percent.

First Solar led losses on the S&P 500, falling 11 percent, a day after the maker of solar panels said it would not create a publicly traded yield company to own and operate its own power plants, as rivals including NRG Energy have done. Monster Beverage was the S&P’s best performer, with the maker of energy drinks rising 7.3 percent after reporting quarterly profits that topped estimates.

News Sources:  CNN Money & CNBC