{"id":431,"date":"2009-06-05T06:30:42","date_gmt":"2009-06-05T11:30:42","guid":{"rendered":"http:\/\/leavittbrothers.com\/blog\/?p=431"},"modified":"2009-06-05T06:30:42","modified_gmt":"2009-06-05T11:30:42","slug":"before-the-open-23","status":"publish","type":"post","link":"https:\/\/blog.leavittbrothers.com\/?p=431","title":{"rendered":"Before the Open"},"content":{"rendered":"

Good morning. Happy Friday.
\nPayroll numbers are out. The unemployment rate has jumped to 9.4% from 8.9%. The expectation was a jump to 9.2%. Doesn\u2019t seem very good, but the number of newly unemployed was less negative than expected (-345K vs. -520 consensus) and last month\u2019s figure was revised down from -539K to -504K. The market\u2019s reaction to this new is very positive. Futures spiked higher, and if the gains are held, we\u2019ll be opening at new swing highs.
\nThe unemployment rate is the worst it\u2019s been in 25 years, but the number of newly unemployed is the fewest since Sept. Since the market is forward looking, and employment is a lagging indicator (companies start hiring after the economy starts to rebound), the excitement in the futures market is in anticipation of better things ahead \u2013 even if today is still painful for many.
\nHere\u2019s the SPX 60-min chart I\u2019ve posted several times. Pretty simple. There is nothing wrong with this picture. If you want to be less bullish, fine, but I see no reason to be bearish.
\n
\nHere\u2019s the SPX daily I posted at the end of April. The first target was hit quickly. Target #2 remains in play.
\n
\nWatch out for a gap and crap, and have a great weekend.
\nheadlines at Yahoo Finance<\/a>
\ntoday’s upgrades\/downgrades<\/a>
\nyesterday’s leaders & laggards<\/a>
\nthis week’s earnings & economic releases<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning. Happy Friday. Payroll numbers are out. The unemployment rate has jumped to 9.4% from 8.9%. The expectation was a jump to 9.2%. Doesn\u2019t seem very good, but the number of newly unemployed was less negative than expected (-345K vs. -520 consensus) and last month\u2019s figure was revised down from -539K to -504K. The […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/431"}],"collection":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=431"}],"version-history":[{"count":0,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=\/wp\/v2\/posts\/431\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.leavittbrothers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}