US stocks open with strong gains. Markets ignoring the strong jobs data

The US nonfarm payroll rose by a greater than expected 261K vs 200K estimate. The prior month was revised up to 315K vs 263K. The US stocks which were higher dip little in the premarket trade but then rotated back to the upside. The major indices open higher. The Dow is up over 350 points. The NASDAQ was up over 200 points, but the NASDAQ is a since come off its highs, while the Dow keeps its gains. Nike, Dow, Caterpillar are leading the Dow stocks to the upside.

Manufacturing jobs increase by 32K. Manufacturing – as result of infrastructure build – is the new tech sector.

A snapshot of the market 11 minutes into the open is showing:

• Dow industrial average is up 317.82 points or 0.99% at 32319.08
• S&P index is up 35.95 points or 0.97% at 3755.83
• NASDAQ NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term is up 80.96 points or 0.78% 10423.91
• Russell 2000 is up 15.21 points or 0.85% at 1794.94

looking at the US debt market since the start of the New York session (pre- nonfarm payroll)

• 2 year currently trades at 4.736% after opening at 4.744%
• 5 year is trading at 4.376% after opening at 4.375%
• 10 year 4.168% after opening at 4.152%
• 30 year 4.231% after opening at 4.192%

The US dollar US Dollar The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel Read this Term initially move higher and reversed and moved sharply lower.

• EURUSD. The EURUSD moved back above its 50% midpoint at 0.9814 and ran up to 0.9881. The move took the price above its 100 hour moving average at 0.9846. That is a close support level but anything is possible today
• USDJPY. The USDJPY has move back below its 100 hour moving average at 147.88 and 200 hour moving average at 147.54 below its way to a low of 146.915. That is between a swing area between 146.818 and 146.985. The price has since bounced back up to 147.33. The swing area below down to 146.818 and the 200 hour MA above at 147.542 are the support and resistance levels.
• USDCAD: The Canada jobs data was stronger than the US jobs data and moved down to retest (again), the swing area between 1.3499 and 1.3510. The low reached 1.3511 and is now trading at 1.3569. See post here.