Goldilocks Job Report — Nick Santiago 12-8-23 #549

1. The non-farm payroll report was released today. The headline number was a 199,000 job increase in nonfarm payrolls, there was a drop in the unemployment rate to 3.7% from 3.9%. Basically, this was another goldilocks report. It's funny how that has happened a lot this year.

2. The major indexes started weak and rallied up and now it’s pulling back a little, but basically flat. Either way, should the market continue to consolidate sideways there is nothing bad when that happens.

3. Next week is options expiration for December. This is a quarterly expiration which we call quadruple witching. This is a time period when we will see a lot of ridiculous upgrades/downgrades, off the wall news and lots of rumors that mostly will be false. Institutional game playing will be in play next week.

4. Oil is bouncing a little today after trading as low as $69.00 a barrel yesterday. I bought USO for a bounce trade here. We are into a heavy travel season and there's a chance that the government may try to fill the SPR at these lows.

5. Gold is falling today. This past Monday we saw a big reversal day in gold so we should expect more of a pullback from that false breakout attempt. The $1930 area is pretty good daily chart support.

6. Bitcoin is holding up well again today. As I have said before, this is going to remain strong until we get the announcement of the spot bitcoin ETF.

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