Market Likes Soft Jobs Number – Sept Rate Hike Unlikely – New Swing Chat Room

SWING CHAT ROOM - 1 WEEK FREE TRIAL Posted 9:30 AM ET - I now have a swing chat room and it features option trades. This week we bought puts in COST, AAPL and BA. We also sold some bearish call spreads. Take the free trial. This morning we learned that 151,000 new jobs were created in August. That was 30K less than expected and this will push the Fed's timeline back. No one really expected a September rate hike and we won't get one before the election. The market is addicted to easy money and it likes the news. The S&P 500 rallied about three points after the release. Stocks should have an early bid, but I'm not expecting a move of more than 10 S&P points today. Trading volumes will gradually increase next week and we will break out of this tight trading range. The longer and tighter the range, the bigger the breakout. I am favoring the downside, but I will wait for technical confirmation. September is one of my favorite trading months and we will finally be out of the summer doldrums. The market has been chopping around SPY $217 and that level is less significant. Use SPY $215.50 as your guide. Have a safe holiday and prepare for active trading towards the end of next week. Happy Labor Day! . .

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