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Watch out for typical Friday profit taking.
The market looks set to extend its gains for the week this morning after Wall St pushed higher once again overnight as US unemployment claims came in ahead of expectations, boosting confidence ahead of tonight's key monthly nonfarm payrolls data.
As it stands, S&P/ASX 200 SPI futures are forecasting a rise of about 0.30 per cent to 4465 at the open, which would see weekly gains for the benchmark at around 0.7 per cent. However, the big question will be whether the market decides enough is enough and traders look to book profits ahead of tonight's key event risk.
It's a pretty common play on Friday's when the market is up for the week and ahead of key economic data due out in the US. The market will typically open higher in the morning before the buying quickly dries up and the market is just left to drift for the bulk of the session as traders close out positions and few new positions are initiated.
US equities have moved higher in the lead up to tonight's session with the ADP jobs report and unemployment claims providing some confidence ahead of the release. This means the market is expecting a decent figure and could be vulnerable to a ‘buy the rumour, sell the fact' type of scenario, especially if it misses expectations.
As it stands the market is expecting 114,000 jobs to be created and the unemployment rate to remain at 8.2 per cent.
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