✳️Put a Big Asterisk Next to that Jobs Report

Good morning. Markets had one big data point last week – Friday's jobs report. And the headline...

It's the monthly jobs numbers today and they're not going to be pretty and will be possibly the tip of the iceberg as we head into May.

Good morning. Markets had one big data point last week – Friday's jobs report. And the headline number showed a gain of 190,000 jobs. It also caused the unemployment rate to drop from 3.9 percent to 3.7 percent. But, as usual, the real story is behind the headline data. Many of those jobs included those returning to work after going on strike. And if the job data is truly good, then the Federal Reserve may continue with the "higher for longer" theme that the market has started to discount in recent weeks. So that jobs report deserves a big asterisk next to it. This week poses the last potential downside for stocks before a year-end holiday rally. Traders should look for short-term downside opportunities, and longer-term investors should look for buying opportunities in great companies. And, with the final weeks of the year approaching, it's not too late to sell positions for tax purposes. 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Click Here for All the Details… MARKETS DOW 36,247.87 +0.36% S&P 4,604.37 +0.41% NASDAQ 14,403.97 +0.45% *As of market close • Stocks continued higher on Friday, following a better-than-expected jobs number. • Oil rose 2.7 percent, closing at $71.20 per barrel. • Gold rose 0.3 percent, ending trading at $1,963 per ounce. • Cryptocurrencies trended higher, with Bitcoin trading at $44,280 at the stock market close. Today's TOP TIPS Use Short-Term Fear to Build a Lasting Legacy with Long-Term Winners 2023 has been a banner year for AI stocks. However, as with anything tech related, it's a sector prone to big swings. The secret to succeeding with such investments is to look at the fundamentals. If a company can still deliver – and in the tech space, new competitors create obsolete ideas all the time – it could be a winner when shares are hit hard. Buying or adding to such positions when they're down can make for big profit opportunities on the rebound. » FULL STORY Insider Activity Report: Advance Auto Parts (AAP) Kristen Soler, EVP at Advance Auto Parts (AAP), recently bought 1,000 shares. The buy increased her stake by 9 percent, and came to a total cost just under $53,000. This marks the first insider activity since September, when a company director bought 8,670 shares for just under $500,000. And other company directors made a cluster of buys back in June, when AAP traded about $13 per share higher than today's prices. » FULL STORY Unusual Options Activity: Marvell Technology (MRVL) Semiconductor developer Marvell Technology (MRVL) is up 21 percent over the past year, beating the S&P 500 by about 6 points. One trader sees further outperformance in the months ahead. That's based on the March $52.50 calls. With 95 days until expiration, 9,396 contracts traded compared to a prior open interest of 166, for a 57-fold rise in volume on the trade. The buyer of the calls paid $4.50 to make the bullish bet. » FULL STORY IN OTHER NEWS • Unemployment Rate Drops to 3.7 Percent The U.S. added 199,000 jobs in November, resulting in the unemployment rate dropping from 3.9 percent to 3.7 percent. That's higher than the 150,000 jobs added in October. Part of the job growth came from the end of a number of major national strikes, particularly those at autoworkers. • U.S. Faces Mining Worker Shortage Nearly half of the nation's 221,000 mine workers are expected to rsetire by the end of the decade, according to the Society for Mining, Metallurgy & Exploration. Meanwhile, job candidates interested in such roles are in decline. Plus, at least 384 new mines globally need to be built to meet demand for electric vehicles by 2035. • Honeywell Makes Deal for Carrier Security Unit Manufacturing giant Honeywell (HON) is making a deal to buy the security unit of Carrier Global (CARR). Valued at $5 billion, the business unit makes products that include electronic locks used at hotels and hospitals. The acquisition will add to Honeywell's Building Automation segment. • U.K. Regulators Consider Antitrust Probe of Microsoft and OpenAI Regulators in the United Kingdom are considering an antitrust probe between tech giant Microsoft (MSFT) and OpenAI, maker of ChatGPT. Microsoft has an investment that gives it roughly a 50 percent stake in OpenAI, which it has been gradually adding to since first investing in 2019. Microsoft states that OpenAI will remain an independent company. • X Begins Grok Rollout AI chatbot Grok, developed by xAI, is being rolled out on the X platform. The rollout is first going to Premium Plus subscribers, and longtime subscribers will get first access. Grok provides conversational answers to questions, drawing on a knowledge base similar to ChatGPT. S&P 500 MOVERS TOP PARA 12.059% WBD 6.516% LULU 5.77% ALLE 5.2% FCX 4.825% BOTTOM DG 3.885% ENPH 3.602% COO 3.163% ILMN 2.937% SBAC 2.907% Quote of the Day Early signs suggest that the rapid rise in policy rates over the last two years – and need to hold them there to bring down inflation – will lead to a recession next year. Even factoring in a recession, core inflation is likely to remain 'sticky' above the 2% target for all of 2024. In our base case the Fed cuts rates 100bp next year, starting in July. - Andrew Hollenhorst, analyst at Citigroup, on why the bank sees a recession hitting the economy in 2024, and why the Fed will likely start cutting rates in the second half of the year. Sponsored Content The Best Crypto Opportunity Right Now Right now you have the chance to position yourself before the rest of the market takes off. And I've found a cryptocurrency that I believe could easily lead the rest in gains for 2024 and beyond. Why? Because it's getting ready to take over a $4.5 trillion industry as the crypto market rebounds. And, right now, this crypto is trading at a MASSIVE discount. I'll give you all the details in a Special Report that I recently put together. From my research, this is (by far) the best crypto opportunity right now. Click Here for All the Details… Not sure the best way to get started? 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