Before the Open (Mar 9)

Posted on by Jason Leavitt

Good morning. Happy Friday. Happy Employment Numbers Day.
The Asian/Pacific markets closed mostly up. India rallied 2%; Japan moved up 1.7%. Europe is currently mixed. Austria is up 2%; no other index has moved 1%. Futures here in the States, ahead of the employment data, were slightly up.
The dollar is up. Oil and copper are up slightly. Gold and silver are flat.
Here’s a link to some trading ideas. The link will be removed later today.
The market has completely recovered its Tuesday losses, so as of now Tuesday was just one measely down day within a strong uptrend. The long term trend remains bullish. In my opinion the near term is still unclear. I can make a bullish and bearish argument, and when this is the case, I think it’s best to play it safe. If I miss a few trades, fine. Trading is not hard when you pick your spots wisely, but you can make it hard by forcing things. The latter is the current situation.
Here are the numbers…
unemployment rate: unchanged at 8.3%
nonfarm payrolls: up 227K
private payrolls: up 233K
average workweek: flat at $34.50
hourly earnings: up up 0.1% to $23.31
After the release, futures shot up and then came back down. As I type this they are approx. flat from before the news.
It’s Friday. The charts have improved a bunch the last couple days. I think the best looking group is the home builders. LEN busted out yesterday, and several others look ready to go today or in the next couple days.
Long term trend remains up. The near term is less clear. What you do right now depends on your trading style and your typical holding time. More after the open.
headlines at Yahoo Finance
headlines at MarketWatch
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers

0 thoughts on “Before the Open (Mar 9)”

  1. go the bulls–go the bears –go the volitility
    could it be a trianglar spaceship
    my dead cats gruesome/awesome are tired and i just learnt they are zombies

  5. I wonder why the world hates us. Bending greece over a log while we’re lighting our cigars with freshly printed money. If greece gets a nuke, we can forget about iran and n korea

  6. i met 4 witches—their ledders name was grand witchery grub
    it appears goldmans was secretly selling this new dance sensation called – the quad witches
    whilst doing a ipo to unsuspecting buyers called bulls

          1. It’s illegal for the government to manipulate the stock market. The fed deposits mortgage backed securities in the big banks like jpm. They of thier own valition wink buy stocks

          2. they don’t even deny adding liquidity to the market anymore. do you remember last year when when they withdrew it and we tanked?

          3. No, don’t remember. What was the date?
            You’d have to define manipulation. The Fed prints money which manipulates the market.

          4. Bernake announced he was going to start withdrawing it and the market came down.
            Then he came out and said he would from then on add and withdraw it without
            announcement. WS makes money on volitility. So Jan 1st the fed started the pump
            and to keep the money in, they took volitility out by controlling the market

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