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VRA Letter: May Jobs Report; Goldilocks. Our Teflon Bull Market; Magnets to ATH’s. Musk/Tesla; Politically Neutral? Xtract One Q3 Earnings & Conf Call

Good Friday morning. Breaking; the May jobs report is out and it’s a slight surprise to the upside with 139,000 jobs created (beating estimates of 125,000). The unemployment rate remains 4.2% with average hourly earnings comin ...

Posted On June 06, 20256 MIN Read
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Good Friday morning. Breaking; the May jobs report is out and it’s a slight surprise to the upside with 139,000 jobs created (beating estimates of 125,000). The unemployment rate remains 4.2% with average hourly earnings coming in strong with .4% growth. The only negative appears to be that job growth over the previous two months was revised lower by 95,000 jobs. The markets like this Goldilocks report with the S&P 500 and Nasdaq both higher by .80%

Market Update

How strong is this market? Even after putting up a 35-year record for the month of May...with SPX +6% and Nasdaq +9%…nothing appears to be able to knock us lower. This bull market is developing a real teflon feel to it. Lower opens continue to be bought, the semis continue to lead higher and bad news has only a fleeting impact. We saw this again yesterday with the Trump/Musk drama playing out, as market leader Tesla experienced a 14% flash crash but the worst the bears could to was send the S&P 500 .50% lower.

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