This morning’s nonfarm payroll number came in at 559,000 versus estimates of 720,000, but that turned out to be good news. The number was strong enough to show that the economy was reopening at a good pace but not so hot that it increased concerns about inflation.
What is most interesting about the current unemployment situation is that there has never been so much demand for employees at the same time there is such a high level of unemployment. There are over 8.1 million job openings currently. The last time the unemployment rate was at 5.8% in 2014, there were only 4.7 million job openings.
The good news is that bonds are up nicely on the economic news, and worries about inflation are, once again, on the back burner.
We have had steady buying so far today with breath at around 3-2 positive. All the FATMAAN names are positive, but small-caps are lagging a bit. Big cap growth and the ARK Innovation (ARKK) ETF’s are doing well. Meme stocks are quiet and pockets of momentum a little slower. Bitcoin has bounced a bit but is still trying to recover from another hit job by Elon Musk.
I have been trading some of my favored small-caps like Xeris Pharmaceuticals (XERS) , Enthusiast Gaming Holdings (EGLX) , Elys Game Technology (ELYS) , Amyris (AMRS) , ASLAN Pharmaceuticals (ASLN) , and a few others but will be waiting until later in the day before doing more buying.
We have some healthy action out there, and charts are developing well.