Monday, April 9, 2012

Jobs-report On Friday Torpedoes Indices

Markets were closed on Good Friday, but since this was the first Friday of the month, the NFP-number (jobs-report) was up. And the number was much below expectations (120k vs. 205k). The futures did trade at that time and they went down about 1% in a matter of minutes. And at those levels we opened today.

The market made an intraday double bottom before lunch and in the afternoon, prices went up, slow but steady. Market leaders like AAPL and PCLN even managed to make new highs. But overall, the market feels heavy. Tech is holding up quite strong, while small caps can't catch a bid. The close however, was rather weak and is more reason for concern. I don't think we've hit bottom just yet.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Metals were a mixed bag with copper down a lot, but gold green and silver down 0.5%.
Oil lost about 2% and made new lows but rallied when markets reversed higher.
The euro was holding up pretty well.

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