Hey friend,
We got the private jobs numbers this morning.
It showed the private sector adding 90,000 jobs in September – far ahead of the expected 68,000 and last month’s 38,000.
Then, we got the latest PCE Index figures – the Fed’s preferred inflation gauge.
While the monthly figure of 0.3% was right in line with expectations, the annual figure of 3.4% came in below the expected 3.7%.
On top of that, we had the latest estimates of Q3 GDP, which at 2.2%, was far higher than the expected 1.5%.
All in all, pretty positive news.
Let’s see how the markets have been moving.
The Daily Direction
Note: Indexes closed lower yesterday but have generally been moving higher today – sending the short-term direction for the S&P 500 back upward.
The Daily Nugget
Don’t turn patience into passivity.
A slow market doesn’t mean you stop paying attention.
That’s the trap.
You decide there’s nothing to trade…
Then a clean setup finally appears and you’re late because you stopped doing the work.
Patience means you don’t force trades.
It doesn’t mean you disappear.
Keep the watchlist tight.
Keep checking the names holding up best.
Keep marking the levels that could trigger a trade.
Then when something finally starts moving…
You’re ready.
The goal isn’t to stay busy.
It’s to stay prepared.
The Traders Agency Team