First call has the market down about 36 SPX, oil down slightly, Gold at $1400, The Euro back above 133 and the dollar again under 80. But the real fireworks is in the Labor Statistics report.... a big miss 39,000 new jobs after consensus estimates in the 150,000 range, and unemployment edges back up to 9.8%. (U-6 is over 17%), One of my favorite statistics is Labor Force Participation as a percent of population... stuck at 64.5%, the lowest level since the 60's. You know, before all those wives went to work.
All this good news just after our Momentum Change indicators signaled a new Buy Wed after the close. We also have some reliable timing indicators pointing to a short term top next week, so we do not have a trading recommendation currently. We are watching for an opportunity to get long on a pull back.
Good Luck Trading!
Bill
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