fxstreet.com 05 Feb, 2021 13:45 am

And the bull marches on, GameStop (GME Stock) collapses

And the bull marches on, GameStop (GME Stock) collapses
And she marches on…readying to kiss another century – 3900! GME falls another 43% to end the day at $55.30…Hello? Today’s data is all about the Non-Fa

And the Bull just refuses to quit……stocks advanced again yesterday as investors continue to digest the improving macro data points that suggest that the labor market is gradually improving and the better than expected earnings reports that we have seen that continue impress us….Today brings us a bevy of eco data points all released within the NFP (Non-Farm Payroll) report -due out at 8:30 am….This is one of a slew of monthly data points that investors/traders watch and as we emerge from this global crisis it takes on even more importance in terms of the health of the economy……Now this follows Wednesday’s ADP employment report – which showed a gain of 174k new jobs – or 148% greater than the expectation of 70k so what will we see today?improving data points, ‘dramatically’ strong earnings, more relief (expected to be ~ $1 tril) a JNJ vaccine that is expected to be approved for emergency use authorization to assist the Moderna, PFE and AstraZeneca vaccines that are making significant progress against the virus.

And OIL keeps going higher as well……as OPEC makes it clear that they are sticking to their production cuts even as the world emerges from this crisis and demand is expected to soar….Chinese demand is up, European demand is expected to be up and US demand is healthy…and going UP……US stockpiles are at their lowest levels seen in months and anyone that had been predicting doom and gloom are suddenly jumping on board raising estimates….

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