Major averages finished yesterday mixed on higher volume, closing near the lower end of their trading ranges ahead of today's employment report.
The report came in stronger than expected and showed that nonfarm payrolls increased by 215,000, compared to the 200,000 consensus. Average hourly earnings increased 0.3% matching consensus while the unemployment rate ticked up to 5.0% from 4.9%.
The market is lower following the report which shows progress towards an eventual rate hike, though Fed Chair Yellen recently increased her focus from what's happening at home to what's happening globally. She admitted that global growth remains a big problem which today's report, while a sign of strength, does little to solve.
Healthcare content provider WebMD (WBMD) had a buyable gap up with an intraday low of 60.70 which would serve as a selling guide. Earnings and sales are accelerating, ROE 58.8%, group rank 58.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2022 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.