Today we should see our 23rd month of job losses, estimates are in the 100,000 zone. Oil dropped below $76 and futures are up slightly in front of the number.
The financials were hit yesterday as the street digested the Bank of America TARP situation. The group is heavy here and looks lower in my opinion.
The semiconductor sector (SMH) hit fresh highs for the year yesterday as money looks for a home.
There are about 18 trading days left this year, hard to believe. The guys with the 1300 S&P targets better get moving.
There is no progress on the job front and if we are recovering, it will be a jobless one of biblical proportions. Have a great weekend.
Friday, December 04, 2009
Economic
8:30 Nov Nonfarm Payrolls (last -190K), Nov Unemployment Rate (last 10.2%), Nov Manufacturing Payrolls (last -61K), Nov Average Hourly Earnings (last m/m 0.3%, y/y 2.4%)
10:00 Oct Factory Orders (last 0.9%)
Events
10:00 Fed’s Plosser to discuss lessons learned in the crisis. 13:15 Fed’s Bullard to discuss lessons learned in the crisis. Trades Ex-dividend: NEM $0.10, VFC $0.60, IDC $0.20, ROST $0.11.
Earnings
Before the Open: BIG, SIRO.