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T3’s Take 3: Traders Go All-In on Bank Stocks Ahead of Pivotal Jobs Report

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1) Stocks Hit the Brakes Ahead of Pivotal NFP Report

The S&P 500 fell -0.5% to 2189.04 ahead of tomorrow’s nonfarm payrolls report, with the Russell 2000 dropping -0.9%.

Stocks have more or less been up in a straight line ahead since Donald Trump’s Presidential election victory, and US economic data has been very strong.

So on the surface, it looks as if traders were cashing in profits ahead of what could be a “sell-the-news” reaction to a better-than-expected jobs report tomorrow.

However, financial stocks, which benefit from strong economic data, rallied hard, with regional banks up especially big.

So from a sector perspective, it actually looks like stock traders are going all-in on an NFP beat tomorrow morning.

Stay tuned…

2) Crude Oil… Still Going!

Crude oil blasted up nearly 9% yesterday after OPEC announced that it would cut oil production by 1.3 million barrels per day (bpd) to 32.5 million.

The oil bulls kept on buying today, with crude squeezing up another 2.9%, staying above the widely-watched $50 level.

Oil service stocks were very strong, but large-cap energy stocks slowed down from yesterday’s surge.

The S&P Energy ETF rose 0.2% after rising 5.1% on Wednesday’s OPEC deal.

3) Jeff Cooper’s Thoughts on Gold

This afternoon, Jeff Cooper of the Daily Market Report issued the following notes on gold:

Like the oil coil this week, I can't help but wonder if gold/gold miners are in a similar configuration.

The daily GDXJ chart shows a large triangle.

Today, the bottom of the triangle was undercut, but GDXJ just went green.

Knifing through the other side of the triangle will trigger what could be a quite bullish Triangle Pendulum buy signal on the dailies.

We are in the first week of December, when as you will recall, a turning point in gold was ‘due'.

If gold recaptures 1200 and sticks it will look like a flush with beaucoup blue sky above for the yellow metal.

Subsequently, Jeff added to his positions in mining stocks AG and SLW.

Click here to learn more about the Daily Market Report.

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