12:35pm (EST)
Futures were showing a strong open following this morning’s Nonfarm Payrolls report that showed the economy added 236,000 jobs in February. Expectations were for an increase to 175,000. The unemployment Rate dropped from 7.9% to 7.7% while the suit-and-ties were expecting a flat reading.
The bulls were able to push fresh highs on the open but some profit taking has set in as the indexes have traded mixed since. There are a number of key levels we are watching today for clues of a continued rally into next week so let’s go over them.
The Dow is up 34 points to 14,363 and a close above 14,350 should be good enough for a continued run higher.
The S&P 500 is up 2 points to 1,546 and has kissed 1,551. We aren’t sure if there will be a rebound into the close back above this level but as long as 1,540 holds the bulls should be in good shape to test the all-time highs next week.
The Nasdaq is up 5 points to 3,237 and has kissed 3,248 while the Russell 2000 is advancing 5 points to 939 and has traded up to 941. If the small-caps hold their gains it would be bullish heading into next week.
We will be back Sunday night with the Weekly Wrap and Monday morning with the Daily as we update our current trades one last time ahead of the weekend. If there is action to take before the close, we will send out a Trade Alert, otherwise, have a great weekend everyone!
This entry was posted
on Friday, March 8th, 2013 at 12:42 PM and is filed under Market Analysis, Market Commentary.
You can follow any responses to this entry through the RSS 2.0 feed.
Both comments and pings are currently closed.
Dow Working On 10-Week Streak
12:35pm (EST)
Futures were showing a strong open following this morning’s Nonfarm Payrolls report that showed the economy added 236,000 jobs in February. Expectations were for an increase to 175,000. The unemployment Rate dropped from 7.9% to 7.7% while the suit-and-ties were expecting a flat reading.
The bulls were able to push fresh highs on the open but some profit taking has set in as the indexes have traded mixed since. There are a number of key levels we are watching today for clues of a continued rally into next week so let’s go over them.
The Dow is up 34 points to 14,363 and a close above 14,350 should be good enough for a continued run higher.
The S&P 500 is up 2 points to 1,546 and has kissed 1,551. We aren’t sure if there will be a rebound into the close back above this level but as long as 1,540 holds the bulls should be in good shape to test the all-time highs next week.
The Nasdaq is up 5 points to 3,237 and has kissed 3,248 while the Russell 2000 is advancing 5 points to 939 and has traded up to 941. If the small-caps hold their gains it would be bullish heading into next week.
We will be back Sunday night with the Weekly Wrap and Monday morning with the Daily as we update our current trades one last time ahead of the weekend. If there is action to take before the close, we will send out a Trade Alert, otherwise, have a great weekend everyone!
This entry was posted on Friday, March 8th, 2013 at 12:42 PM and is filed under Market Analysis, Market Commentary. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.