Jobs, jobs and more jobs. On Friday the jobs report exceeded expectations so the market exploded higher. This was just the opposite of what happened in June. You do have to wonder what the heck is going on.
And the number is…
Did someone in the Labor Department leave out something in June? Did they add it back in for July? Who knows. All I know is that the stock market went up and the SPX now sits a whisker away from an all-time high. The DJIA is a little further away and the NYSE Composite is even further away.
The swings in this market remind me more of 2000 than 2007-2008. The market was much choppier back then. So am I changing my view? Not ’till I see the whites of the markets eyes.
That reminds me of a post I did by that name back in 2014. There was a little thing called Ukraine on everyone’s minds back then. No one’s talked about that in a while. Oh, and the 100 year anniversary of World War I was on our minds also.
Failed Runs
So here we sit. 4.82 points away from the all-time intra-day high for the SPX. The close on Friday is actually an all-time weekly closing high for the SPX. But the intra-week high is still about 3 points below the May 2015 high.
That high was made during the week ending May 22, 2015. The SPX then made a run at a high during the week ending July17, 2015 and the following week ending July 24, 2015. But neither week was able to push to a new intra-day/intra-week high.
There were 3 other runs at the all-time high that failed. Week ending November 6, 2015 got within 18 points…week ending April 22, 2016 got within 24 points and the week ending June 10, 2016 got within 15 points.
This market is telling several different stories depending on the index. The NYSE Composite and Russell 2000 are not even close to their all-time highs. So after 4 failed attempts does the SPX push to a new high this week?
If it does push to a new high, I have an alternate wave count that I will move to. I’ve shared this with my Insider Members. But I’m not switching until that happens. Stay tuned.