NFP is in this morning, and we actually had some decent numbers this morning, although not nearly good enough to be considered "good". 151k jobs added vs. 60k expected. Now, to put that into perspective, we need 300k new jobs eveery month just to keep up with population growth, so we are still net negative, but at least it is an improvement. The unemployment rate remains at 9.6%. The market, which has now passed the April high at 1220, really has no resistance from here. 1220 should now be a new pivot point, which would give us a target somewhere around 1242, and a very wide range. Things will probably settle down a bit over the next week and we will get a better idea of just what the market is doing. On the upside XLF has a humongous lead, as the breakout over 15 yesterday brought in a rush of short covering. Lagging are XLP and XLK. The Nasdaq is trailing, the Russell 2000 leading. Oil and gold are up marginally, treasury yields up by a decent margin. Bernanke promised "shock and awe", I think he got the shock part, but we will see if the awe becomes an "aw shit".
I have 432 new highs today, with breakouts in USB, IGOI, AWI, PLUS, EZPW, IRF, SAM, and KS, and that is just the first page. On the earnings front, reporting last night were CF up 2.7%, CROX down 6%, EBS down 1%, EVOL down 2%. I had OFG reporting this morning, although it looks like they actually reported last night, and are down 9%. AIRT is reporting today, but they did not give a time, and are not holding a conference call, so I bet their numbers stink. I erroneously had EBIX reporting last night, they will be reporting Nov 9. By the way, my granddaughter was born last night, so I will probably be doing light posting today.
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