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Dow Jones futures for now still resisting higher US yields and rebounding dollar

As noted here earlier today, the Dow Jones was the best performing major US stock market index yesterday, but only in relative terms. That is because the Dow still closed lower on the day, ending the session 284 points lower, at 37,430. Prior to that close, the index had traded to a low at 37,401. So far today the Dow Jones futures have been trading in positive territory and there is once again clear divergence between the cyclical stocks and the tech sector. So, the Dow is still poised to open higher, but the further gains in US yields could derail that after the opening, if not before. The firmer dollar is also a headwind for the index this afternoon, if that maintains current momentum. As far as the monthly jobs report tomorrow is concerned the medium forecast for payrolls is a gain of around 170k. The previous number was a gain of 199k. Anything substantially north of 199k in December will create more headwinds for US stocks and the Dow Jones. I will not be on hand tomorrow to report on this, so you will need to be on your toes if involved tomorrow afternoon in the markets. The Dow Jones future is just not pricing the opening at around 37,510 

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