Pre-Market, Pre-Employment, Pre-School

Good Morning NY,

This morning’s wait-n-wonder report is dedicated to the World Equestrian Festival, CHIO Aachen, I know a young lady who is on her way. Rolex and Mercedes have reserved seats.

[Pre-Employment Numbers]

  • Gold Futures (GC) are down -1.01% (Hong Kong gold exports to China fell 26%, June)
  • Oil Futures (CL) are down -1.36% (Norway strike nears end)
  • European Markets along with the S&P are weak, but mostly flat (waiting…)
  • UK PPI Falls, lowest since Jan 2010

[Post-Employment Numbers]

  • +80k with expectations at +100k, this is a miss but with the range of expectations, under +50k would have been ‘bad’.
  • Unemployment rate unchanged at 8.2%
  • Gold Futures (GC) are now flat
  • Oil Futures (CL) are falling -2.06%
  • S&P Futures (ES) didn’t catch a bounce and are falling -.68%
  • EURUSD shows muted response, almost no change.

The CBOE put/call index ratio from yesterday (here) has only been this low 9 times since June 2011. I expect a big swing one way or the other after the employment numbers.