DJIA rally goes against macro data but the same occurred in the 2009 bull market. Trump will get a deal done if congress won’t. Nonfarm Payrolls numbers remove some uncertainty from markets. DJIA and all major stock markets just keep on rallying. The Dow Jones Industrial Average Index (DJIA) is marginally lower on Friday but on track to post a weekly gain of over 3% just below 22,300 points. The Nonfarm Payrolls were good, not stellar but good and have at least removed some rumours of terrible data from the market. Stocks look overbought on a lot of metrics, but this disconnection from the real economy has a very recent precedence. During the financial crisis in 2009, the stock market kept on rallying for similar reasons, the DJIA nearly doubling in 2009 alone. With zero or negative real interest rates, cash and bonds are not an option for a return. So where is the alternative? This is helping stock markets again. Market keeps rallying as news gets worse The DJIA bottomed out on March 23. From then, the economic news and virus news just kept on getting worse. Now it looks like second waves are on the horizon for many countries, economic data releases globally have been poor, but markets keep on rallying. Sentiment is clearly bullish. More stimulus to come Markets remain anxious about whether Washington will get a further stimulus deal done with republicans and democrats still arguing. But Democrats have it all to lose. No deal and Trump rides to the rescue with an executive order stimulus and his election numbers go up, either way, another deal is getting done, sooner rather than later. We will get a vaccine Multiple candidates are in phase 3 trials. Fauci said on Friday in an interview with McClatchy news that a surge in virus cases could help speed up the development of a vaccine. Goldman Sachs said Thursday the stock market was under-pricing the possibility of a vaccine. Technical levels At the time of writing it looks like we are targeting a break of the DJIA June high 27,628. DJIA then looks towards 28,160 which has been tested a few times but is not too significant and after that, the market is looking for new highs 29,586. On the downside, the current range is bound by 25,000 and 24,562 the June low. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD Price Analysis: Cable hit some bids ahead of 1.30 but there is another important support area FX Street 2 years DJIA rally goes against macro data but the same occurred in the 2009 bull market. Trump will get a deal done if congress won’t. Nonfarm Payrolls numbers remove some uncertainty from markets. DJIA and all major stock markets just keep on rallying. The Dow Jones Industrial Average Index (DJIA) is marginally lower on Friday but on track to post a weekly gain of over 3% just below 22,300 points. The Nonfarm Payrolls were good, not stellar but good and have at least removed some rumours of terrible data from the market. Stocks look overbought on a lot of metrics, but… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.