The US economy created 187K jobs in July of 2023, below market expectations of 200K and following a downwardly revised 185K in June. The average hourly earnings for all employees on US private nonfarm payrolls rose by 14 cents, or 0.4%, to $33.74 in July 2023, the same pace as in the prior month and slightly above market forecasts of a 0.3% increase. The unemployment rate in the US decreased slightly to 3.5 percent in July 2023 from 3.6 percent in June and below market expectations of 3.6 percent. Stock futures are slightly up at the moment.
CADE is the remaining position in the Paper Trade Portfolio this week closing above the cost basis. First level of support will be found around 24.83 followed by the 9-day SMA. The first level of resistance will be fond around 25.55 followed by selling pressure at 26.09. This position is currently providing the paper trade portfolio with a $0.51 / share unrealized gain as of yesterday’s close. Sell limits could be place above cost basis in order to preserve the gains.
I will be on vacation next week, so my ability to focus on market conditions will be limited. I plan on updating the Horizon and < 200 stock lists by Monday morning as usual, however I don’t plan to add positions to the “Watchlist” Paper Trade Portfolio as my ability to monitor price action will be limited.
This information is for educational purposes and not a recommendation to buy or sell a stock. Have great weekend!
See you at the ZOOM call.
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