{+++}The unemployment number came in around -350,000 jobs, less than the estimate of mid-500’s. The Fed’s Lockhart is out saying the Fed should now start tightening, I don’t think that will happen any time soon. The unemployment rate stands at 9.4%.
DJ fuures are up around 100 points and the S&P is up around 12 points and has poked its head through that pesky 950 level. The key is to hold that level. What was resistance (950) can now act as support, so a close above 950 could be psychologically significant. It’s also a Friday so some chips could be taken home, so let’s be careful and watch our stops.
Have a great day, keep your eye on twitter and the blog in case I update. We are in an environment where “performance chasing” is the order of the day and money managers fear being under invested more than they fear being over invested. That can change fast.
Be real careful, when it comes down, it will come down hard. We will make money from the short side so stay liquid and nimble.