NFP Beats, Tesla and Lulu Pounded

Technical Charts and Subscriber Trading Trackers

We don’t make too much of today’s Non-Farm Payrolls as part time jobs continue to dominate the theme there and saving face for the overall employment situation. The U.S. non-farm payroll jobs report for May showed an increase of 139,000 jobs, which is a slight improvement over the forecast of 125,000 jobs. However, the revisions to the previous months data reduced the overall job growth figures, suggesting a deceleration in hiring. We have seen this revision trend downward continue and this is why we do not put too much stock in the headline number. However this doesn’t mean the overall market will refrain from reacting and such we see equities with a sharp move higher and bond yields jumping. The latter a bit more concerning because we know all the other global central banks are in cutting mode! We can see from the chart below that the ECB and SNB have already increased their velocity in cutting rates (Orange and Purple lines respectively)

As far as US Govt 10Y chart, once again the yields are moving higher from the 4.40% mark and nearing the 4.50% area today:

The SP500 futures and Nasdaq futures both up sharply this morning, the SP500 is nearing the weekly resistance at 6035:

Another chart we want to highlight is Silver, we have been pushing that its been too much of a laggard behind Gold and we are finally seeing some catch up here as Silver is now above $36.00:

Ok onto the resulting price action in Broadcom and Lululemon the stocks we highlighted yesterday. Broadcom did beat expectations but not by enough which sent investors to the exits and Broadcom today is -$10.32 or 4% on the day and now back below our bull upside target of $251:

As far as Lululemon, well let’s just say they are on the receiving end of a beat down falling $66 or 20% on the day. The recent earnings warning and tariff impacts are likely to continue affecting Lululemon's stock price negatively in the short term. The company's reduced profit outlook and cautious consumer spending environment may lead to further volatility and downward pressure on the stock. We however do not believe in selling into the hole like this, we suspect if you want to take a defensive short position, do so by selling calls to take advantage of the volatility (for the more risk taking types) or wait till a better location higher as we work off this recent move over time:

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