04 April 2013

SP 500 and NDX Futures Daily Charts - Non-Farm Payrolls Tomorrow

The new unemployment claims data today was much larger than expected, which put a chill into stocks for most of the day.

Consensus for Jobs tomorrow is about 190k.   I think they will come close or miss, but there might be some 'good news' on the unemployment percentage, which is meaningless since they throw out so many potential workers from their calculations.

What is saving this market is that it is so lightly traded by real investors.  So the algos and momentum shops can just bat the averages around at will.

Chart-wise it was constructive that the SP futures held support but that was about it.  This market looks tired, but quite a few people are waiting for a correction, so it may not come as anticipated.

I put a little volatility back on today.

After the bell HP gave Chairman Ray Lane the boot