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Friday, September 6, 2013

Friday Morning Update

The numbers are in, and for once, the market isn't buying it. NFP came in slightly low in numbers of jobs, but the unemployment rate magically dropped again. I guess the strategy here is to get as many people discouraged as possible, thus dropping he unemployment rate. My rule of thumb is that the numbers given out by government entities are most likely bogus; the real number is roughly double what the government gives. hat would put real unemployment at 14.6%, which is probably high but closer to reality than the 7.3% the BLS is dishing out. Anyway, the market made a short initial up move on the numbers but immediately reversed, broke yesterday's low, and is now struggling to find a support level. I have 1646 as a potenial support level, but the key word there is "potential". XLU is leading the sectors by a mile, not a good sign, and XLV, XLY, and XLF are getting creamed. The Nasdaq and Russell 2000 are lagging slightly. I have oil and gold up, treasury yields down.

I have 118 new highs today, with breakouts in TOPS, FNSR, BLOX, TKR, CYD, and YELP. I have nothing reporting today.

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