Metals up, job numbers down, GGD up a littleMust be Friday. GGD opened nicely but fell back down as sellers lining up to get out.
1 Level ll Quote | Bid | Ask |
| Price | Total Size | # of Orders | Price | Total Size | # of Orders |
| $2.54 | 14600 | 17 | $2.55 | 5100 | 13 |
| $2.53 | 7200 | 14 | $2.56 | 6600 | 11 |
| $2.52 | 8900 | 10 | $2.57 | 5700 | 10 |
| $2.51 | 30300 | 9 | $2.58 | 8800 | 11 |
| $2.50 | 20600 | 5 | $2.59 | 3300 | 8 |
| $2.49 | 4600 | 7 | $2.60 | 1000 | 2 |
| $2.48 | 12400 | 5 | $2.61 | 2300 | 2 |
| $2.47 | 100 | 1 | $2.62 | 1100 | 3 |
| $2.46 | 1200 | 3 | $2.63 | 1000 | 2 |
| $2.45 | 200 | 1 | $2.64 | 100 | |
| Last: | 2.54 | | Change: | 0.02  | | Volume: | 574,748 | | Last Trade: | 13:14 |
The SP can move up as fast as it went down. Since there is really is no compelling reason to sell at this point in time, one can only assume the herd mentality has taken hold and fear has taken over. Once greed takes hold the herd mentality will push the SP higher.
US non-farm payrolls was dismal at best with 199,000 jobs. And yet the unemployment rate dropped to 3.9%? That means a lot of people were hired to work on farm related jobs. Also the hourly wage earninngs rose significantly, adding fuel to the inflation fire. Those of us that came through the 80's know this all too well. It is probably too late to stop the inflation train roaring ahead as the feds can't raise interest rates fast enough or high enough to tame it. We are most likely looking at years of rising costs, high interest rates and less available spending income. Bodes well for metals.