Good morning. A weaker than expected
jobs report showing only
18,000 jobs and a higher unemployment rate at 5% have set a negative tone for the market. Although expectations for a friendly Fed will likely increase, so will anticipation for recession. At 10:AM we have
ISM non-manufacturing survey.
Premarket gainers: OSIR, NPTE, ANDS, SONC, AKNS, NM, AZZ, JSDA, VISN, ARTC, SONC, GPN, KPN, CRNT, AZZ, and SEED.
Premarket losers: CBLI, MCRL, BBBY, YRCW, CTDC, MLNM, TLB, RF, INTC, DSTI, HOKU, CSUN, MA, ESLR, CSIQ, ASTI, GRMN, and AAPL.
Along with keeping track of oversold conditions for potential reversal trades, I should also note the importance of keeping emerging and overseas markets on the radar. When we see a turn for the better, look for these markets to show leadership again. Unfortunately, with a -4% decline in Japan today, these markets don't look like they are on very firm ground.
Be careful out there today and be prepared to hear more emergency Fed cut rumors. Ironically, we probably won't bottom out until people start calling for Bernanke's resignation which should be just about any minute now.
