The U.S. Department of Labor just reported employment numbers for January. This number is known as ‘Mother of all numbers’. January non-farm private payrolls increased by 257k vs 168k consensus. There are several components to this number, but our models focus on non-farm private payrolls. The number was a blow out on the positive side. This means U.S. economy is improving strongly. This number makes it highly unlikely for QE3 to occur in February.
By any rational school of thought and analysis this is a negative development for gold and silver.
What do gold and silver do? They jump up. Please see our post from yesterday:
FLAT EARTH MOMO CROWD RUNNING UP GOLD AND SILVER
This is a very positive development for the stock market and negative development for the bond market.
Gold futures are at $1761, silver futures are at $34.20, and oil futures are $97.30.
S&P 500 resistance levels are 1338, 1352, and 1368; support levels are 1324, 1312, and 1300.
DJIA futures are up 96 points.
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