Technical & Fundamental Oil Reports Specialists

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NFP figures dull to fair leading to an uncertain outlook

Published Monday, April 7th, 2014

The non-farm payroll data came in close to expectations at 192,000 and earlier month figures were revised upwards. The US stock market spurted ahead on the news and then sagged. They did not sag far enough to eliminate all of the week’s gains on the S&P and Dow but bears will be feeling a little tingle of excitement.

If there is going to be a market sell-off it will start with the most overblown sector and there were signs last week that this could be exactly what is happening. The Nasdaq lost 2.6% on Friday and 0.7% on the week led by biotechs but internet stocks also came under pressure.

There were technology jitters all week despite the extraordinary IPO debuts of JustEat and Grubhub. When companies are valued at flotation at obscene multiples of earnings and then bid up you know that hype has replaced common sense.

To read the rest of the report, please click here 

Posted by David Hufton