Before the Open (Oct 8)

Good morning. Happy Friday.
The Asian/Pacific markets closed mostly down. Europe is currently trading mostly down.
Employment numbers are out. Here they are:
unemployment rate: 9.6% (9.7% was expected)
nonfarm payrolls: -95K
private payrolls: +64K (85K expected)
gov’t payrolls: -159K
average workweek: unchanged
hourly earnings: flat at $22.67 (0.2% rise was expected)
Futures were down ahead of the numbers and then fell further but have now recovered and are above the pre-numbers level and flat relative to yesterday’s close.
So far it’s been a moderate up week, but all the gains were registered in a single session (and half the gains on that day came in the form of a gap up).
Here’s the SPX 60-min chart. A rock solid rally off the Aug lows followed by a couple weeks of consolidation followed by a breakout. From a charting standpoint, there’s nothing wrong with this picture.

Some indicators are overbought, and I talked yesterday about how the risk right now is much higher than it’s been for several months as evidenced by the great number of stocks suddenly gapping up or down. Another warning comes from the Nas which has not broken out.

The intermediate term trend is up. Short term flip a coin. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers