Bill Gray
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US SPX 500: Nothing ventured, nothing gained

Hello everybody!
Nonfarm payrolls came out in line with my own expectations and those of many
other traders. The unemployment rate improved to 7%, getting very close to the
6.5% target. Initial jobless claims also topped projections, providing further evidence
of a recovery in the US economy. Oddly enough, the national economy gained
steam only after the government shutdown. All major indicators have improved
for a second straight month. Looks like the QE program paid off, reigniting
speculation about its withdrawal in December. Let’s wait and see. I personally do
not expect tapering before next year, once the unemployment rate reaches 6.5%. Thussolid growth could be expected in the next few months.

As for my own forecast, it panned out as I expected. My previous position to sell from 1.806 closed with profit and yielded me strong returns. Now, I’m buying on the indexes. As they are currently at all-time highs, each upward movement will require some effort.
However the trend is pronounced. Nothing ventured, nothing gained.