May 6, 2022

Markets:

Job growth accelerated by 428,000 in April, more than expected as jobs picture stays strong.  

Stock futures were lower in early morning trading Friday after the Dow Jones Industrial Average posted its worst day since 2020.

The moves came after stocks sold off sharply on Thursday’s. The Dow lost more than 1,000 points, and the tech-heavy Nasdaq Composite fell nearly 5%. Both indexes notched their worst single-day drops since 2020. The S&P 500 fell 3.56%, its second-worst day of the year.

Thursday’s losses erased Wednesday’s big post-Federal Reserve meeting rally. Fed Chair Jerome Powell ruled out the prospect of larger rate hikes on Wednesday, sending the S&P 500 and the Dow to their best daily gains since 2020.

Technology stocks bore the brunt of Thursday’s fall, with cloud companies, e-retailers and mega-cap names seeing steep declines.

Bitcoin continued to crater on Friday morning, after a major stock sell-off in the U.S. Thursday spooked the cryptocurrency market. Bitcoin was down 9.1% at $35,900.25, according to Coin Metrics.

Portfolio:

We enter the last trading session of the week holding positions in IGT, UNG, and holding itrm.  Queue is igniting which is extremely psoitive for our outlook of trade setups coming to us over the next several weeks.  Keep in mind we have six Fed speakers on tap today!  Everyone is so focused on the monthly job report today and no one seems to realize we have 6 Fed members speaking today.  Stay patient with your trading, especailly today on a Friday.  Be ready and please be ready for Monday.  Based on the price activity we had the last two sessions, next week is setting up for a monster move!  Let's have a great session.