(By Rich Bieglmeier) T.G.I.F – despite being a week of not much happening, the endless droning, on, and on, and on, about the fiscal cliff, taxing this, taxing that – it's all so numbing. Friday is going to be all about the Employment Situation Report. Wall Street thinks 80,000 jobs, most likely part-time, jobs were created in November. The unemployment rate is expected to move a tick higher to 8%. Meanwhile, Gallup says the unemployment rate is 8.3%. Oh the new normal, how bittersweet it isn't.
The good news is that yesterday's Jobless Claims were 10,000 lower than expected, which could mean Sandy has worked its way through the system. Maybe, today's Employment Situation will surprise to the upside, too. We hope so, especially with the bar set so low.
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With the indexes bobbing on support, today's jobless announcement will determine if the firewall holds or fails – fingers crossed. If stocks don't giddy up fairly soon, market technicians could be all over the TV squawking about a head-and-shoulders pattern, with a neckline that could be in danger early in 2013.
The index charts are not waving any major red-flags at the moment, two yellow ones, but no red one, yet. The only queasy thing we see right now is that the NASDAQ is trading below its 200-day moving average of 2,988. The Dow is flirting with its 200-day of 12,998, and the S&P is well above 1,386. If jobs stink to end the week, and the Dow joins the NASDAQ under its 200-day water, then the S&P is likely to join the pair and set off a few alarms.
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That's it for this week. Have a great weekend and here are next week's iEstimates.
|Company||Ticker||EPS Date||eps||iEstimate||Surprise||% Surprise|
And last week's results:
| G-Iii Apparel||GIII||12/5/2012||$2.35||$2.72||$0.37||15.74%||$2.37|
| Toll Brothers||TOL||12/4/2012||$0.24||$0.33||$0.09||37.50%||$0.35|
| Francescas Hldg||FRAN||12/5/2012||$0.22||$0.23||$0.01||4.55%||$0.24|
| Smith & Wesson||SWHC||12/6/2012||$0.24||$0.27||$0.03||12.50%||$0.24|