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As I’m going away for a 4-day trip soon, daily market comments for May 1st and 2nd will be omitted.
Brief comments of today’s market:
It looks more like the case that yesterday’s sell-off following the Fed meeting was merely profit-taking. The US dollar continued to move higher and at the same time equities also moved materially higher. Commodities, on the other hand, continued to slump as money pulled out of the previously hot sector. As tomorrow will bring in the most important economic news of the month – nonfarm payroll report, so some caution is warranted ahead of it. In addition, the Dow is approaching its 200-day moving average, currently at around 13050. If we can close above that level tomorrow, it will certainly be very bullish news.
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