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A bleak weekly jobless claims count caused consternation ahead of tomorrow’s pivotal nonfarm payrolls report. Stocks responded by plodding along with modest losses for the entire session After the close, AGO, ATVI, CF, CROX, KFT, NILE, RBCN were the only notable names that reported.
Five out of the ten sectors were in positive territory, led by Materials (+0.3%), Telecom (+0.3%) and Consumer Discretionary (+0.2%), while Utilities were unchanged and Tech (-0.4%), Financials (-0.4%), Consumer Staples (-0.4%) and Health Care were in negative territory.
Tomorrow morning, five economic reports are scheduled to be released before the open including: 1) Nonfarm payrolls (Consensus -87K), 2) Nonfarm payrolls – private (Consensus 83K), 3) Unemployment Rate (Consensus 9.6%), 4) Hourly earnings (Consensus 0.1%) and Average workweek (Consensus 34.1).
Tomorrow, before the open, look for: AAON, ABVT, AIG, AWI, ATPG, BRNC, BAM, BPL, CEDC, CSUN, CEP, CORE, XTEX, DYN, GSI, IPSU, JRCC, LMIA, MGA, MCCC, MIR, NOOF, NVAX, POM, PGN, RBA, SHO, SUP, TBSI, and WCRX.
I took some profits today in front of the big number tomorrow, but in this market I really would rather be safe than sorry. Profits are too hard to come by. There will always be another set up, that’s the beauty of what we do everyday. Yes, people are looking for a bad number , but a really bad number could knock the starch out of this market in a hurry.
My thinking here is pretty simple, I think the easy money to the upside has been made, maybe another 20-30 S&P points higher, but more risk to the downside exists.
Hey, we could get a positive surprise, no one knows. When you don’t know?…lighten up. End of the day, there are no real jobs.
Nothing tonight as far as new names, although I added some intra-day names today, PLEASE check the P&L for adjusted stops.
Have a great night, great market.
Today’s Stocktwits,TV schpeel. http://bit.ly/a3K1Iu