About this episode
(6/5/23) Friday's Employment Report of 300k+ new jobs added in May sparked a rally in stocks with a sector rotation we've been expecting, boosting the Dow over 700-points. The question today is whether markets can achieve a follow through on that momentum. One of the supports for the Energy sector over the weekend was OPEC's announced 1-million/bbl production cut. Markets are very over bought by three-standard deviation points above the 50_DMA, which is unsustainable for any length of time. The markets' next barrier is the 4300 level, which goes back to last August. Historical evidence would suggest some sort of correctional behavior is due at these levels. Next week's Fed meeting could provide a bit of a headwind to markets, near-term, so profit taking may be a good strategy at this point. Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO Produced by Brent Clanton -------- Get more info & commentary: https://realinvestmentadvice.com/insights/real-investment-daily/ ------- Watch the video version of this report by subscribing to our new "Before the Bell" YouTube channel: https://www.youtube.com/watch?v=BNHCNbU97zY&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1 ------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #InvestingAdvice #EmploymentReport #JOLTS #LaborDepartment #Inflation #FederalReserve #InterestRates #Money #Investing