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MV Weather Report: Sun Shines Through Employment Clouds


Rain or shine, we reivew the day's biggest stock stories.


The story of the day was the jobs number and the increasing unemployment rate. The nonfarm payrolls came in at -216k vs. -230k consensus estimates. The unemployment rate inched closer to 10% coming in at 9.7% vs. 9.5% consensus estimates.

The S&P rallied on the news, closing the day higher by 1.30% to 1016 right at the high of the day. After yesterday's close, were we really surprised to see the market rally on a so-so jobs number? Feels like there might have been an agenda...

The strength today was across the board but tech was notably strong: Baidu (BIDU), VMWare (VMW) and Research in Motion (RIMM) to name a few. Apple (AAPL) also had a big day off an upgrade by Societe Generale. The company raised its price target to $225. The one group that lagged was the financials Wells Fargo (WFC) was down and Citigroup (C), Bank of America (BAC) and JPMorgan (JPM) traded near the flat line all day.

Today on the Buzz and Banter, Professor Jeff Cooper gave his thoughts on the action in the S&P 500.

"The S&P has rallied up to 1016. This is the low of the high close day, August 27th.

"1016 is 90 degrees from the date of August 27th. So, 1016 vibrates off the high close day.

"Of course 1016 being 90 degrees from August 27th on the Wheel of Time & Price may not mean anything, but it is worth noting that the price of 666 was 90 degrees from the March low. This is the same dynamic that set up the March low in time and price.

"Bears will ask if this is a possible right shoulder of an H&S pattern.

"Bulls will point to the right shoulder at the end of June in the SP which was decisively shattered on July 15th and hoping history repeats.

"Of course I recall well another time in 1987 in September when the bulls and most of the Street were looking for the pattern of a consolidation that mirrored a pattern in the late spring of that year to be resolved bullishly, in the same way it was then….bullishly.

"Of course, one blow off at a time."

Well that's it for this week; check out the trading radar for a preview of next week.

Have a great holiday weekend!

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Position in BAC

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