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“Happiness does not come from a job. It comes from knowing what you truly value, and behaving in a way that’s consistent with those beliefs.” ― Mike Rowe
There wasn’t much dirty about today’s jobs report. Non Farm, Private, and Manufacturing payrolls all topped expectations while the unemployment rate fell to 6.9% compared to forecasts for a level of 7.6%, Even the underemployment rate was less than expected at 12.1% compared to forecasts that were closer to 13%. All in all, a very good report relative to expectations, and that has been reflected in the futures market where rates are higher and equities are rebounding.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, election analysis, trends related to the COVID-19 outbreak, and much more.
You would think that after the week we’ve had in the market that the market and every sector would be trading at overbought levels, but as shown from page two of our Morning Lineup below, that isn’t quite the case. Three S&P 500 sectors currently remain in neutral territory, while Energy is closer to oversold than overbought! Also surprising is the fact that Technology is still one of the three sectors that aren’t overbought. Normally, after a rally like we’ve seen in the last week, Technology would be leading the charge, but that hasn’t quite been the case this week.