Indices closed near break even, with Nasdaq closing UP.
Volume was low, due to long weekend.
S&P 500 closed @ 1398.08, down less than 1 point.
RSI 53.76
Internals were :
Down volume led by 2.09 to 1 in NYSE & .89 to 1 in Nasdaq
Declining stocks led by 1.33 to 1 in NYSE & 1.13 to 1 in Nasdaq
New 52 wk highs were in the lead by close, 52 in NYSE & 57 in Nasdaq
VIX UP 1.58% @ 16.70
Oil closed @ $103.31
Gold closed @ $1630.10
About market, it will be all about jobs, expectations are 200K, Private sector adding 215K. I am of the opinion, that headline & Private sector, both will be higher. In Canada economists consensus was off by a mile, expectations were 10K, actual was higher than 8 times?
Next post on Sunday by 2 PM.
BLOG does NOT give buy or sell.
Saleem
11 comments:
Saleem
Job report is bad, future is deep in red. Sold most of my positions yesterday. Only holding MS and LEN now. Will next week be a buying opportunity?
Hi Up,
Yes US jobs report is way off consensus......quite disappointing.
There was every indication that job picture is improving FAST..with jobless claims @ lowest?????
Either jobless claims are wrong or Jobs report is totally incorrect????
Let us see...IF we can digest this by close & show the "real strength of this market on Monday"
Good luck to you.
Saleem
SALEEM
here is a take on labor number--J Cramer got it WRONG
he said they would be Great==Not!
Heritage Employment Report: March Report Mixed, on Balance Disappointing
By Rea Hederman, Jr.
April 6, 2012
The labor market made some gains in March, although the 120,000 new jobs were well below expectations of 200,000-plus. The Bureau of Labor Statistics also announced that the unemployment rate ticked down another tenth to 8.2 from 8.3 percent, largely due to rounding. Even this modest improvement in the unemployment rate reflected ill fortune, because it was due entirely to a marked shift of workers leaving the labor force instead of finding new jobs.
On balance, the March report is clearly disappointing and indicates that the labor market recovery is still struggling even years after the recession’s end. This report is cause for concern for those hoping that the economy would tick up and the unemployment rate down quickly over the next 12 months.
I can only hope that over the long weekend we get some positive statement form some place-China, Europe, etc
3 cheers for the market on Monday
C
Hey c,
The number is really fishy in some of the components, but overall still below expectations.
Stocktrader
C
we never know what weekend might bring. If China cuts rate, then up we go.
We all know market can not go up forever, sooner or later correction will come. Right now, what favorite us most is a lot of stock been corrected for month and they are oversold. I hope that will help to control bleeding if market fall apart on Monday. Good lucky to us all.
Hi C,
I alongwith everybody got it WRONG on actual "job creation number"
My thesis for beat was based on "lowest" jobless claims number on Thursday....
I guess..we all have to get used to low job growth for summer layoff & holidays.
Saleem
Hi Up,
Strength of this market is being tested lately, so far we have braved it very well.
YES..many stocks have been trashed lately...i own few of them..lets see how they hold IF there is a slump.
Saleem
Hey Saleem,
Initial jobless claims is only one piece to the employment puzzle. Layoffs continue to drop which is helping the IJC, but increased business confidence to hire new employees is still up and down.
Stocktrader
Hi Stocktrader,
I personally believe the "continued / consistent drop in jobless claims" is the real picture.....
Jobs numbers were better from Dec to Feb based on warm weather....now seasonal pattern is showing up.....just my "uneducated guess"
Saleem
SALEEM
and all of you, happy Easter to ya!
I am excited as to Monday opening--- I am hoping for restraint--The peek on Friday futures leeds me to think we may have a bad day for Monday, a major down day! Will we continue down , all week.. Where is Greenspan when we need him!...
Let hope that AMAZON can recover --So I can make some $$$
C
Hi C,
Good luck with AMZN......
Saleem
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