The Jobs reports came out this morning and not only were last month’s numbers revised upwards, the non-farm numbers came in much lower than expected in terms of job losses. U.S. non-farm payrolls fell by 345K versus the expectation of -520K. The improvement did not come due to government hiring. The improvement came because the private sector is slowing the pace of job destruction. U.S. unemployment is now at 9.4%. Canada on the other hand, lost more jobs than expected at -41.8K versus the expected -36.5K. The Canadian jobless rate is now at 8.4%. Gold and silver have dropped this morning and the price of oil is hovering around $68.
As I mentioned before, it appears we are entering a period of random price movement. On Wednesday, the markets had a strong sell-off only to recover substantially on Thursday. Today, it will be interesting to see if the jobs surprise will be the catalyst for a positive day.
Futures this morning are positive and the DAX is positive, indicating a positive open. The market condition scans are positive indicating no weak upward directional bias. The market bias indicators remain neutral.
| Index | Change | %Change | Level | Phase |
| TSX | +187.12 | +1.82% | 10477.24 | Bullish |
| DJIA | +74.96 | +0.86% | 8750.24 | Recovery |
| Nasdaq | +24.10 | +1.32% | 1850.02 | Bullish |
| SP 500 | +10.70 | +1.15% | 942.46 | Accumulation |
| Russell 2000 | +8.97 | +1.72% | 531.68 | Accumulation |
| NYSE | +76.86 | +1.27% | 6110.76 | Accumulation |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a positive bias
Energy: weak
Primary Trend: sideways
| Sector | Phase |
| Consumer Staples | Recovery |
| Healthcare | Recovery |
| Technology | Bullish |
| Utilities | Recovery |
| Energy | Accumulation |
| Financials | Recovery |
| Industrials | Recovery |
| Materials | Recovery |
| Consumer Discretionary | Recovery |
Source: Telechart
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