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Minyanville's T3 Morning Market Call: Market Shrugs Off Weak Jobs Report


Apple, Intel, and Google are also in the news.

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Jobs data at 8:30 a.m. EDT was poor no matter how you look at it. It's unfortunate for those who are looking for work and can't find it. Pertaining to the markets, though, it seems like if it's good, it's good, and if it's bad, it's OK because it strengthens the case for further QE. That's what they call the "Bernanke Put." We have no control over this; we only have control only how we approach it, and we only analyze the price action.

I would not expect a repeat of a day like yesterday for the S&P, as it was the classic Gap and Go that broke us above the upper range. We ignited right through 1415 and 1422-1426 was not much of a fight, either. This opens the door for 1450-1470 come year end. Over the next few sessions, we will probably be a bit of back and forth as we need to do some work above 1426-1430. We look for consolidation and digestion after making new highs, and we don't chase price.

Gold (GLD) and silver (SLV) shot up after the jobs number due to perception that the weak report makes QE3 more likely, giving those long nice follow-through. I got a ton of e-mails and questions about gold yesterday since it wasn't leading the charge. Everyone needs to know the difference when things are just a holding/digesting vs. ready for a short. Some guys shorted it yesterday since it didn't close on the highs, and today they are in pain. Coming in with less gold today, though, did make sense as it just had a major move since the August 20 - August 21 ignition.

Intel (INTC) preannounced, which has been widely expected. It's been showing relative weakness for weeks. If it can hold $24-$24.20, it will be considered a non-event. It probably tries to go positive at some point. FedEx (FDX) preannounced and closed higher then when it announced the news on yesterday's close (just saying).

Leading sectors/stocks did what they do: Lead. The Homebuilders ETF (XHB), Retail ETF (RTH) and Nasdaq ETF (QQQ) were a few to lead yesterday.

The banks perked up after Goldman Sachs (GS) led the way Wednesday; then JPMorgan (JPM) played catch-up yesterday. I do think if you want to try and be cute, Goldman Sachs is a better short from $114-116 than a buy the first time it gets there. No reason to be cute, though -- look at the guys trying to be cute with commodities yesterday.

Google (GOOG) is $700 plus, well done to those macro longs. It won the "Race to 700" over Apple.

Apple (AAPL) is holding tight and needs to clear $580-581 in order to get some momentum. Not sure if it can do it before or needs to wait until the September 12 iPhone 5 release.

Amazon (AMZN) is at new highs – trim and trail.

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Scott Redler is long AAPL, V, JPM, GLD, FB, LVS. Short SPY, GS.
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