Dalian is trading flat today:
Big Iron is mixed:
We still appear biased lower.
Big Gas is also mixed:
Big Gold is selling hard and may be approaching a buy zone:
The weekend US jobs report will be big. A good one and gold will fall heavily. The signs are positive, from Nomura:
Incoming data on the labor market suggest strong job gains in February. Data on sentiment, including the Empire State, Philly Fed and ISM manufacturing surveys, point to better hiring activity in February. Initial and continuing claims data continued to trend lower, implying that involuntary layoffs remain low and that firms are eager to retain workers. In particular, the 4-week moving average of initial jobless claims inched down further, reaching its lowest point in decades. Based on these positive readings, we forecast private nonfarm payrolls to have added 215k jobs in February. Given the recent employment trend in the public sector, we expect public sector payrolls to remain unchanged. …
Moreover, we forecast the unemployment rate to inch down slightly to 4.7% in February … we expect average hourly earnings to have increased by 0.3% m-o-m (2.7% y-o-y) …
emphasis added
Big Debt is rallying again but its time to take profits here as the global yield curve flattens:
Big Spruik is mixed too. The harrowing FXJ is still trending up. McGrathmaggedon has flattened out:
Shame!
