Profit Pregame

Here’s What You Might Have Missed on Friday with the Market Closed

On Friday, the March jobs report was released, revealing some very encouraging data.

The 916,000 non-farm payrolls added for the month blew away expectations of roughly 625,000 new jobs. And the continued easing of coronavirus restrictions and stimulus measures are expected to keep the hiring boom going for several months.

With that in mind, here’s my market outlook for this week and beyond…

Even though the market was closed on Friday, Futures of the S&P 500, Dow, and Nasdaq all jumped on the good news.

Combined with a strong rally to end the week, we could see the market continue its upward momentum this week and beyond.

I’m going to continue to get long in these market conditions, but it’s not all sunshine and rainbows. Keep a sharp eye on the drag that rising inflation and interest rates will have on the market. You’ll need to be careful in picking the right stocks during this rally.

And as always, following the money will be crucial to identifying the best trades to take.

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Trading tip of the week

Mondays and Tuesdays are usually the best days to trade, and Thursday afternoon and Friday are the worst days to trade.

Usually on Thursday and Friday, traders “move their days” ahead – meaning that options will decay away faster – so keep an eye on that.

Earnings report to watch

Schnitzer Steel Industries, Inc. (SCHN) is a steel manufacturing company which sells its products across the globe.

And with the U.S. economy poised for a big rebound, Americans returning to work, and a massive infrastructure spending bill on the way, I’m going to be very interested in the projections for upcoming quarters that SCHN provides.

This stock could be one of the biggest beneficiaries of the economic recovery from the pandemic, so keep a sharp eye on their latest earnings report, which is expected to be released before the open on Wednesday, April 7.

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