Mr Market can't make up his mind whether or not he likes the NFP report. First it's down, then it's up and now it's down. Most of the major indexes are down at11:20m with the DJI dow 20 and the SPX down 3.05. The commodity complex is equally confused, with Gold opening down 13, and is now up 4.3 at 1376. Silver also opened down and is now trading up at 29.23, while Oil is up 1.06 at 89.44.. Copper is the biggest news for us... Our Proprietary Momentum Change Indicators has flashed a Sell signal in Copper. Not that we trade it.... just that it has been the rabbit Mr Market has been chasing up the slope.
The Euro is down a couple of ticks at 1.296 while the dollar, opening as high as 81.06, has turned down, now trading at 80.73. The Long Bond is down a couple of ticks, at 4.53% and the 10 year Note is up, trading at 3.37.
The news the Mr Market had been waiting for, the monthly employment report has received mixed reception. With expectations at plus 150,000, the print at 103,000 was a disappointment. But then, unemployment was also down, printing at 9.4% vs 9.7%. The headline, as always looked good until a reader got to the 4th paragraph...where you learn that the work force has declined to 64.3%. 47% of Unemployed workers looking for a job have been looking longer than 27 weeks.
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