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US Equities Market, Friday’s Bullish Session after Creating 196k Jobs This Week.

Bull session in the US equity markets today. At 8:20pm GMT the Dow Jones Industrial Average is up 0.8% at 15108, the technology index Nasdaq is up 0.79% at 3471 and the broader S&P500 index is up 0.78% at 1627.96.

Yesterday the US equity markets were closed for Independence day and equities seem to be catching up today, also lifted by extremely good Non-farm Payroll numbers published at 1:30om GMT and well above the expectations. The US have created 196k jobs this week. The unemployment has resorted at 7.6% as expected.

Following those statistics we have seen a massive decline of the GBP and EUR against the USD, a parallel decline of precious metals, with Gold futures down pretty much 3% around $1215 an ounce, Silver futures down nearly 5% at $18.78, Copper futures down 3.2% at 3.0730.

The US equity markets have recovered very well in the last 2 weeks after the decline that followed the comments from Ben Bernanke and triggering a massive sell-off 3 weeks ago. We believe that the long-term trend for equities is definitely to the upside but some trouble may be ahead short-term as central banks shrink their balance sheets.

On the side of the winners today we have Abercrombie and Fitch, yet again up 3.7% at $17.04, Morgan Stanley up 2.4% at $24.62 and Agilent technologies up 2.46% at $44.23. On the side of the losers we have New-Mont Mining Corp, down 5.79% at $27.34 and seemingly following the sharp decline observed on Gold today. Also down, the personal computers giant Dell, down 3.23% at $12.88.

Charts of the Day
The charts of the day are daily and weekly frequency charts on Dell. We see that the stock has gapped down mid of April from $14 and jumping down to nearly $13 in a couple of sessions. Dell is now below $13 a share and it is possible to see the share price come back down towards lower level, with the historical strong support around $10 as we can see on the weekly chart, and after a rally since last November propelling the stock price from around $8.5 to pretty much $14.5 at the beginning of April.

(Click on image to enlarge)

(Click on image to enlarge)

About Ziad Melhem

Ziad Melhem
Ziad Melhem is the Admin of with more than 10 years of experience in the local and regional "financial wheel". With vast experience in equities, capital markets, foreign exchange, derivatives, technical analysis, and financial services, he is one of the pioneers in online trading when this financial product was first introduced to Lebanon around 2000-2001. Ziad is currently the CMO of Amana Capital Group (

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