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Friday, February 5, 2010

Friday Morning Update

NFP is in, and it's not good. We were expected to add jobs, but lost another 15,000. Inexplicably, the unemployment rate dropped to 9.7%, no doubt to to more people dropping out of the workforce. I haven't looked at the numbers, but no doubt Denninger has, so check the Market Ticker for the gory details.  I had to go back 6 months to find some support, and the best I could find was 1036  1074 looks like resitance on c daily chart, and 1055 is the mid point, and also where we are now getting a little bounce. Now we will see if the market can rally back from here, or if it breaks 1055 and all heck breaks loose. After yesterday's thrashing, XLF is getting a pretty good bounce today, with XLK and XLB close behaind. Lagging badly are XLE and XLI.  The Nasdaq is leading, the Russell 2000 lagging. Oil and gold are both down, but trying to rally. 

I have 14 new highs so far. ARG is up big on huge volume on a hostile takeover attempt. Despite the low number of new highs, I have a decent amount of potential breakouts today, in NDN, KELYA, TSN, and STS. Last night we had reports from PKI, up 5%, and BMI, down 4.7%. This morning we had TE, down 1%, and DECK, down 0.7%. 

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