OpenBook Traders Bullish on SPX500 after ADP Jobs Report

February 1st, 8:39 pm by Sam

(eToro Blog) The private sector ADP report showed that 170,000 jobs were created in the month of January. This completes two years of job gains mostly led by small businesses and the services sector. Overall the labor market is on the path of recovery according to economists who see the creation of jobs and the drop in unemployment claims going hand in hand to ease the labor crisis. The ADP report showed that 95,000 jobs were created at small businesses, medium sized businesses added 72,000 jobs and large businesses added 3,000 jobs. This Friday, we will see release of the government Non Farm Payroll report for January.

OpenBook trader marcongzh has been busy this morning trading on the SPX500. This trader who trades frequently on the SPX500, closed several trades with gains between 16% and 25%. The trader bought SPX500 near 1,319 and closed them as the SPX500 rose towards 1,325. OpenBook trader David25420 also closed some profitable trades on the indices. This trader closed positions on the DJ30 with gains of 49% and FRA40 with 16% gains respectively.

In a separate report, the ISM manufacturing index rose to 54.1% from 53.1% in December. This was the third month of increase in the index and the fastest pace seen in the past eight months. The new orders index which indicates future orders rose to 57.6%. Executives at manufacturing facilities are optimistic that business conditions will improve in 2012. Wall Street rallied on the positive economic reports with the Dow up 138 points, the Nasdaq up 32 points and the S&P 500 up 14 points. Traders on OpenBook are primarily bullish on the S&P 500 (SPX500) today with average limits at 1,340 and stops at 1,300.

OpenBook trader Snoobl from Germany had a successful day today when he closed 20 trades on EURUSD with gains. This trader used a combination of his own trading skills and CopyTrader to achieve this winning feat today. The trader bought EURUSD near 1.3110 as he identified that as the support after the EURUSD fail to break that on previous three occasions. The trader closed his positions near 1.3195. The trade had initially set his TP to 1.3202 but moved the TP closer as he saw the EURUSD fail to gain momentum as it neared upper resistance near 1.3200. This week the trader has gained 52.9% and is up 110% in the last thirty days. This trader shows a lot of promise.