Markets Off (gasp) in Sleepy Trading (Nasdaq KFTX-5/30)

KFTX

Slumber party. Yeah its a four day week with the end of the quarter going down tomorrow, bur still……….SOMETHING should be happening. The Dow, S&P 500 and the Nasdaq Composite were all off slightly as was the KFTX fintech index. Oil dropped, gold dipped, interest rates eased and bitcoin rose. You are all caught up.

Friday brings the May NFP (non-farm payroll) number with a gain of 180K estimated versus last months 211K. BUT, does it matter? Probably not since unless its a BIG surprise the Fed will hike rates at the June meeting. So, all that’s left to do is nap.

Oh, as many of you know, I had been calling for “sell in May and go away” for quite a while. I was WRONG. I bring that up because my wife LOVES hearing me say that. Have a super evening.

KFTX

*https://indexes.nasdaqomx.com/index/Overview/KFTX
** http://www.cmegroup.com/trading/cf-bitcoin-reference-rate.html