Good morning. Happy Friday. Happy Employment Numbers Day.
The Asian/Pacific market closed mixed and with a bullish bias. Australia and Indonesia (up 1.1% and 1.6%) and India (down 1.2%) were the bigger movers. Europe is currently mixed and with a slight up bias. There are no big movers. Futures here in the States (30 min before the jobs report and 90 min before the open) are mixed and basically flat.
Here are the numbers:
unemployment rate: 9.2% (from 9.1%)
nonfarm payrolls: up 18K (vs. 110K estimated)
private payrolls: 57K (vs. 150K expected)
average workweek: 34.3 (down 6 minutes)
hourly earnings: flat
The market’s reaction has been very negative. S&P futures went from being flat to down 15.
The market has gone wild. Two weeks ago it was sitting on the edge of a cliff. The bears were out in full force with their predictions of big losses and lots of pain. Now, after having gone vertical for 8 days, everything has been reversed. Who says the market goes down faster than it goes up? Eight weeks of losses have been recaptured in 8 days. The Nas 100 and S&P 600 made new highs. The others are following along. Some of the gains have been nothing short of remarkable. Pure insanity if you ask me. Obviously it can’t last.
I went long last week and shifted into management role this week. I was hoping for some sideways movement or a little pullback to allow things to calm down. I got it for two whole days before the market surged again yesterday. It’s too late to go long, so I’ll continue to manage what I have and hope I get a chance to play decent risk/reward set ups in the future. There are a few good set ups still to be had, but for the most part, I can’t chase stocks higher here. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
yesterday’s sector performance
this week’s Earnings
this week’s Economic Numbers
0 thoughts on “Before the Open (Jul 8)”
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The President of the USA will be speaking at 10:35am today.
So the PTT-POMO should be out in full force staving off
a huge sell off at the open. But let’s get real about it.
Obama should know his job by now: Tim=gone! Ben=gone! HW
Off with their heads, ey. Do you have a plan B?
RichE: is your resume up to date? HW
“Obama should know his job by now”
Look a man who thinks that adding some air to your tires is going to solve the energy crisis is not going to learn to do a job like the one he has.
this is not right-this cant be correct–this has to be faults
is this a spike faults break
well done DaddyPaul for ur call from y/day
stay long bonds. gold isn’t pulling back to obvious support and silver isn’t falling apart from a bearish pattern. that can mean only one thing..
Here’s a little bit of chart analysis that may be much ado about nothing. I noticed that yesterday’s high in $SPX closed a gap formed between the close on 5/10 & the open on 5/11. The high on 5/10 also marked the high of the first test of the 1370 top made on 5/2. So far today, we have a bearish looking daily candlestick and what appears to be a bearish weekly “shooting star” candlestick (I’m not a “candlestick” expert in interpretation). Assuming weakness through today, it seems the gap area that was filled yesterday may be, at minimum, significant near term resistance requiring a pullback to the 1310-1320 area where the 13,20 & 50 day EMAs are clustered. And, to my way of thinking at least, it’s critical to the bullish trend that 1298 hold. So, the bullish “Triangle” still lives with the assumption that yesterday’s high was the completion of wave “D” and we’re back to Jason’s early week commnent regarding the structure and intensity of any selloff that may have started today.
Ben remains complacent that the BOYZ have his back. I’m ain’t sayin’ nutin’ to Chuck about the above, as I don’t want to be on call this weekend.
I was pretty friendly with Richard Suttmeier in the 1990’s
He put a great deal of emphasis on the end of day charts,
especially on the Friday which, as you know, gets factored
into and results as the weekly chart. HW