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Market Wire Update:
NFP Reaction
We stated that the expected read of -173K looks to be on the high side of optimistic on NFP jobs, and as tenured traders know, this release has no peers in regard to missing it’s mark. Roll up, roll up, the NFP just hit with 193K job losses, and a 10.3% Unemployment rate that really will test the resolve of those looking at the economic recovery as anything other than a roller coaster ride for the next 18 months. The reduction in jobless from -263K is the positive, and in a report that has a lot of guess-work in it, the 10.3% unemployment may curry favor on Friday. Take extreme caution on anything taken right now.
Dollar Index: The 76.00 area now becomes the swing-point for the dollar index. A four hour close above/below that price point signals which way the market is willing to test the value of the Usd. Swing Point: 75.90
S&P Futures: The 1072 and then 1082 areas on the S&P are the near-term tops, that may see things retreat heavily from after the NFP numbers. The 1047 support area looks solid. Swing Point: 1055
Marco Polo: Crude Oil: 80.20 and 81.05 are the topside numbers on crude oil trade, with 81.75 above that. There is a lot of noise at the 78.50 area gets tested after NFP, with 77.50 and 76.50 under there. Swing Point: 79.80
Gold: 1075 on gold trade will be near-term support, and that area will back any long tests of 11100. The short side is protected by 1065, but as the market trade long gold as a hedge, it seems that the gold bugs will dominate. Swing Point: 1089