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Two Ways to Play: Euro-Zone's Jobless Number Hits 10%


Strengthen your portfolio in good times and bad.

Euro-Zone Jobless Numbers

The world awaits the US jobs numbers this morning, but Euro-Zone statistics are already out. Unemployment in the 16-member region hit double digits for the first time since the introduction of the euro currency over a decade ago.

Eurostat, the European Union's statistical office, said today that the unemployment rate rose to 10% in November from 9.9% in October, marking the highest rate since August 1998.

The number of persons unemployed rose by 102,000 in the area. Latvia and Spain recorded the highest numbers, 22.3% and 19.4% respectively.

In the broader 27-member region, the rate stood at 9.5% for November, an increase above the 9.4% figure recorded the previous month.

From the Bull Pen: For some reason, the market treats the BLS numbers as if they are dictation from God, and every month it's the same routine. Stick to the plays that are working. JPMorgan Chase (JPM) in the financial sector has shown impressive strength. One can set a sell stop 2% below entry.

From the Bear Cave: The weakness this morning in EUR/USD may be a buying opportunity. Those bearish on the US dollar and bullish on the euro can look to this ETF (FXE). A sell stop can be set below the recent low ($142).

For more ways to play and other trading ideas from more than 30 top market pros, take a free trial to our Buzz & Banter.

A Quick Check Around the World

Asian trading closed with the Nikkei 1.09%, India -0.43%, Hang Seng 0.12%, Shanghai (Closed), and Taiwan 0.53%.

Across the pond, we see the FTSE 0.03%, CAC 0.57%, DAX 0.32%

As of 8:15 AM EST, S&P Futures are trading +0.25 to 1137.50. Nasdaq futures are unchanged at 1877.50

A Look at Commodities

Over in commodities, crude oil is -0.26 to 82.40 while gold is -11.90 to 1121.60 this morning. Silver is -0.225 to 18.120 and copper -0.021 to 3.4055.

The dollar Index is +0.2800 to 78.3850.

On the Radar


08:30 Average Workweek 33.2 cons.
08:30 Hourly Earnings 0.2% cons.
08:30 Nonfarm Payroll 0k cons.
08:30 Unemployment Rate 10.0% cons.
10:00 Wholesale Inventories -0.1% cons.
03:00 Consumer Credit -$5.0 B

Happy Friday! Good luck and have a great weekend!
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No positions in stocks mentioned.

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