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13:37
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Originally posted by AverageJoe
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NFP can throw up random correlations as traders adjust to the news. Somehow this time I don't buy the rate hike is bad for stock markets anymore. The emphasis seems to be focused on oil price. Early this week I posted that I thought from the price action oil would eventually burst $34.50 and NFP seems to be that trigger. This triggered risk buying hence stock indices continued up. This is what I see. Gold I thought did pretty well under the circumstance. The move came pre-NFP as it rallied off the resistance. I didn't want to form any solid opinion because I know the random nature of each NFP that surprised.
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Joe - My sig used the be "Forget the Fed, Oil is the new Black". (Clever, heh?) And it was, as oil went, equities went. It became common parlance, convention wisdom (of which I am critical), bit it was right..... I'm less sure now. I don't know. I'll think about it.36.33
