In line with our expectations, Mr. Market wasn't too bothered by yet another 3,000K+ unemployment claims data point. Not only have stock futures held onto their opening gains, high yield corporate debt (HYG ETF) also opened with another bullish gap. And today, it's been adding to its gain, which confirms the move higher in stocks.

Our initial upside target (2935) is placed right at the 61.8% Fibonacci retracement, and we'll closely monitor stocks' behavior as they reach towards it. For the time being, signs keep pointing towards higher prices, and stocks are well-positioned to overcome tomorrow's volatility courtesy of non-farm employment change data.

Our open long position remains justified.

Thank you.

Monica Kingsley
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care