Opening Day for Baseball, the Masters, and the long weekend all resulted in light trading volume today. Most traders showing caution heading into tomorrow’s Jobs report. So far it doesn’t look like we’ll get another big number surprise like last month and rather get a report inline with expectations with 200k.
Indexes across the globe ended fairly mixed. In Europe the FTSE and CAC both ended slightly up but the DAX ended slightly down. In Asia both the Nikkei and Hang Seng fell while the Shanghai Composite rose. In America The DOW slid 16 points, S&P 500 down 1 point, and the Nasdaq rose 12 points.
Gold rallied $18 to $1,632.00 ounce. Oil also rallied up $1.59 to $103.06.
The 10-year note rose pushing the yield down to 2.19%. With a 2% inflation rate that means if you buy a 10 year note today you will only return .19% ~ not what you would call a healthy return.
Keep your shopping list handy for next week. The old adage “sell in May and go away” might just be now sell in April. We might see testing of the 50 day moving average next week across the Indexes.
Tobacco Stocks currently look to be one of the safest bets if you have to put money to use before a correction finally comes.
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