Morning Minutes - No jobs = Bullish?

8/7/26

There is a possibility of a trend day today - bias: Bullish.

The risk-positive sectors are up before the market opens, whereas the defensive sectors are either steady or have declined. That said, you should be cautious about jumping right away to a full bull position. It is often on Fridays that President Trump tends to escalate geopolitical tensions with Iran after the market closes, only for those tensions to be resolved before Monday.

This has been a recurring pattern until it isn’t.

It is clear that investors have noticed this trend and are taking advantage of it by buying gold and gold mining stocks as a weekend hedge. This is entirely reasonable considering the current climate, as they are adding an extra layer of protection.

The July jobs report was a pretty large shock to the downside, showing a loss of 23,000 jobs instead of the expected 85,000 gain. In my POV, this is bullish as it now puts pressure on FED to lower rates. Markets should re-price this news today.

Today’s Plan:

From a trading point of view, it is important to remain disciplined and to balance our bullish expectations with risk management for the weekend. With the weak job report and the wider risk-on sectors are showing strength, I do plan to set up a few positions today.

Yesterdays Recap:

No changes to positions.