Equity

Oil and Jobs Don’t Mix

Posted 04/03/2020 9:11AM CTJeff Yasak

Stock futures are down this morning with a huge decline in jobs for the month of March, but that number was muted by the historical rally in the crude market. According to the U.S. government, March unemployment was 4.4% with payrolls falling over 700,000 making it the worst report since 2009.    These numbers are not telling you the whole story of the devastation from the coronavirus as jobless claims increased by 6.6 million last week, which is a record according to the Labor Department.

Keeping the stock market from further collapsing was crude oil’s rally on Thursday. West Texas intermediate increased by 24% making it the best day in history. Despite the record gain, crude remains over 50% lower on the year. The rise in crude was attributed to President Trump’s claim that oil production would be facing major cuts and Saudi Arabia called for an emergency meeting of OPEC and other producers.

Support today is 246000 and again below at 239000 while support is showing 256000 and 259000.

E-mini S&P 500 Jun ’20 Daily Chart
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Jeff Yasak

Senior Market Strategist
Since leaving the corporate world in 1995, Jeff has established a name for himself as a trusted financial advisor and trading advocate—leveraging his studies in finance from the University of Wisconsin-Madison and Loyola University, 25+ years of experience, and a passion for the industry to guide both novice and experienced traders in pursuit of achieving their own financial reward. Jeff began his career as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange—fostering a deep interest in the options market that eventually drove him into the retail futures sector where he spent several years as a broker’s assistant before taking on clients of his own. Operating at the intersection of strategy and success, Jeff seeks to establish meaningful relationships with clients—synthesizing financial data and offering timely insight that informs critical decision-making surrounding money management and trading activities. Well-versed in the futures, securities, equities, and indices markets, Jeff is uniquely positioned to direct his clients to success. With a carefully cultivated combination of experience and expertise, he is able to connect with clients to better understand their goals and offer sound financial guidance that delivers notable bottom-line results.
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