June 3, 2022

Markets:

The U.S. economy added 390,000 jobs in May, better than expected despite fears of an economic slowdown and a roaring pace of inflation, the Bureau of Labor Statistics reported Friday.

At the same time, the unemployment rate held at 3.6%, just above the lowest level since December 1969.

Average hourly earnings increased 0.3% from April, slightly lower than the 0.4% estimate. The year-over-year increase for wages of 5.2% was about in line with expectations.

OPEC and its oil-producing allies on Thursday reached a larger-than-expected production increase for July and August. The group, known as OPEC+, will raise output by 648,000 barrels per day in both July and August, as Russia’s invasion of Ukraine continues to disrupt the world’s energy markets. OPEC+ had initially intended to raise production by 432,000 barrels per day in those two months. Oil prices rose by more than 1% on Thursday, but were slightly lower Friday morning.

Coinbase is extending its hiring freeze “for the foreseeable future” and will rescind some existing job offers, the cryptocurrency exchange said Thursday.

Portfolio:

We enter the last trading session of the week holding set-ups in GOGL, DKNG, GLNG, and ITRM. We feel we are well positioned for the coming weeks and cannot wait for the opportunities to come as they continue to develop. The price activity should excite even the average trader right now. We are so close to exploding with massive opportunity – on both sides of the trade. So many names are at trading points with significant convergence areas. Break down or breakout! These setups are all developing.

Be on alert today and do not chase any Friday moves. The swings from a Friday to Monday have been noteworthy for the past few months. Be extremely patient only A+ set-ups on a Friday. Next week presents us so much more. Let's have a great session.