The markets were shocked when Non Farm Payrolls were reported at a tiny gain of 54,000. The futures dumped and the markets opened sharply lower. No sooner did the markets open, then a bid came in and rescued the Dow Jones Industrial Average, S&P 500 and Nasdaq. While the markets are still lower, they are down around half a percent. The markets also seem to be taking the number in stride after already factoring in a poor Jobs number after the ADP Private Sector Employment Report from Wednesday. The financial bottom call made here was dead on. The banks are leading the charge today with Goldman Sachs, Bank of America and JPMorgan Chase all positive. This is by far the strongest sector. In addition, most of the market leading stocks like Chevron and Exxon are not down much and continue to hint at a little more upside.
Well looks as if again the market will blow off the bad news and will head back up and end in the green. JMHO
However the one thing to watch is the dollar it is reacting out of the norm as it is diving and the market is still red.
Timberrrrrrrrrrr there she goes look out below!
Disappointing day for the market again.i wont be here for a few days good luck trading.