Hey friend,
The usual weekly jobless claims numbers came in this morning at 225,000 – above consensus and last week’s figures.
We also got the big U.S. productivity report for Q1, which indicated a 0.3% growth in productivity – far below expectations and the previous quarter.
Tomorrow – the official unemployment rate data.
Let’s see how the markets have been moving.
The Daily Direction
Note: Indexes closed lower yesterday and opened lower this morning as well – though they have been regaining some lost ground throughout the day. All index directions remain upward.
The Daily Nugget
Even traders should think long term.
This might seem contrarian at first.
After all, as traders, we focus more on the short to medium-term.
We’re not long-term investors.
But here’s what most traders miss…
The long-term trend determines where the shorter-term trends will go.
For example, if the long-term trend is intact – but the short-term trend is breaking down…
It likely indicates an opportunity.
But if both long and short-term trends are breaking down…
Then it’s likely a severe warning.
The short-term trends may look the same for both scenarios…
But because of the different long-term trends…
The actions you need to take as a trader are the complete opposite.
Do you see why paying attention to the long term is necessary even as a trader?
And as Head Trader Ross Givens shared in his newsletter this morning…
The long-term prognosis for this market is still looking good…
Meaning any short-term dip will most likely be an opportunity
Head Trader Ross Givens will share more on exactly how to exploit this opportunity tomorrow morning…
So keep an eye out for that.
The Traders Agency Team
