Greg Guenthner

If you’re spending your precious time reading analysis about the jobs report this morning, you’re wasting your time…

Here’s the three-second recap:

This morning’s jobs report was a disappointment. Payrolls climbed less than projected. And the unemployment rate fell—but only because more people are leaving the workforce.

So naturally, stocks started the day higher because investors believe the squishy numbers will lead to a delay in the Fed’s planned tapering of bond purchases. Then, the market abruptly turned lower…

Whatever.

None of this noise matters. In fact, the real clues that a hidden market bounce was on the way this week wasn’t revealed in any of this taper speculation or the media frenzy leading up to this morning’s job report.

No, the real clues (if you bothered to look for them) were buried way below the headlines. While the armchair economists obsessed over tapering this week, key groups of stocks powered higher. Yesterday’s action was especially telling. While the broad market barely registered a gain, momentum names continued to break out left and right.

Semiconductors and other technology stocks once again are starting to outperform the averages. Social media names are making new highs. And a few biotech shares are registering double-digit gains almost every single day…

S&P Biotech Index

These are the market hotspots you should be watching. Distractions abound in this market. But if you stay focused, the easy gains will keep on coming…

Regards,

Greg Guenthner
for

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Greg Guenthner, CMT, is the editor of the Daily Reckoning’s Rude Awakening. Greg is a member of the Market Technicians Association and holds the Chartered Market Technician designation.

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