As noted in our column on the jobs report, equity futures are poised to open prices lower.
It remains to be seen if equity buyers will ultimately find cheer in the positive jobs number; clearly the bond market does not - fearing a rapid tightening cycle lies not far in the future.
US Markets: Price is set to open in the middle of Thursdays range so we are going to be watching a battle play out between buyers and sellers here. Should buyers manage to push price above Thursdays high, we will be looking to see if price can hold those levels and offer a long side trade. Of course, price may well push through yesterdays lows and open the potential for a complete re-test of the March 24 lows.
Canadian Indexes: We imagine the resource heavy TSX will be hit a little harder at the open, pushing price below support in some instances:
All eyes on Gold as selling is likely to continue.
/Mike
04.05.07 09:35 #