1. Canada Job Number Surprises
Stats Canada reported addition of 60,000 jobs for the month of September and unemployment rate saying same at 7.1%.
Keep in mind, expectations were close to 3,000 jobs for the month.
….so everything is fine for Canada? Nope, rate cut still likely at the end of the month.
2. Commodity Watch
Oil: trading below $60.00. With oil stocks, remember: quality over quantity at times like these.
Silver: Didn’t hold $50.00 yesterday. Let’s see. The selling yesterday had all the characteristics of profit taking.
Gold: $4,000 is causing some nervousness. Also, lots of gold headlines out there. Also, apparently Wall Street likes gold because of debasement. Where were they for the past 15 years?
3. Stocks
Major indices have been stalling a bit. Direction remains up, but there’s a clear indecisiveness.
Nothing too concerning at the moment, but complacency is going to be your worse enemy. There’s some flight to safety, gotta watch how it plays out.
4. There’s Euphoria
Look, there’s euphoria out there, and its almost impossible to miss it.
Have you seen random names catching a bid all over the place? Yesterday, I saw a random “electric truck,” making company rallying 100% or something along those lines.
You can’t even find financials of that company.
Euphoria is dangerous.
5. Bitcoin, USD, & CAD
Bitcoin couldn’t hold $125k. Down to $121k as I write this, but lets see. Surprisingly, not seeing the typical bulls getting the headlines.
U.S. dollar index continues to catch a bid. At 99.00. Next big level to watch is 100.
CAD against the USD is at a key level. A break below it could mean much lower CAD. This maybe what Bank of Canada wants.