A market in plunge mode makes it difficult to pick out pivot points, but so far the ones I have here look ok. I have support at 1190, which has so far held. We got a bounce at the open, propelled by a better thn expected NFP (117,000 jobs added, unemployment rate drops to 9.1%), but the market quickly reversed and headed straight for 1190. The sectors are jumping all over the place, so the leading sector here will not likely be the leading sector by the time this is posted, but XLI and XLP are leading right now, XLE and XLF lagging. The Nasdaq and Russell 2000 are both lagging badly. Oil is down, gold up, treasury yields are rising.
I have exactly 1 new high, KNM. Reporting last night: ASEI down 11%, MED down 13%, SD down 20%, RBCN down 3.8%, CATM down 3.9%, LNKD down 3.5%, CF up 2.2%, HANS up 5.6%, KOG up 2.6%, and EBS down 1.1%. Reporting this morning: ABVT up 2.7%, IGTE down 1.2%, IPSU down 51% (I will have to check to make sure that's not a split), OYOG down 7.7%, ROSE down 4.3%, and WTW down 18.3%.
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