I’m starting this blog before the Jobs Report comes out…

The Labor Department will release figures that are expected to show a total of 520,000 jobs were lost in the month of May. Wall Street is betting on this number to hold or come in lower. If that figure holds, it would be great news for the bulls because it would mean the second straight month that job losses slowed.

The key will be how the market reacts to an unemployment rate of 9.2%.

Futures are higher this morning which means bulls are expecting a good report. The Dow futures are currently up 47, while the Nasdaq and S&P 500 futures are up 5.

We will immediately know how the open will go once these figures are released. If we get some good numbers, the Dow could make a run at 9,000.

I’m going to pause here and wait for them to come out…

8:30am (EST)….Here we go, total jobs -345,000, unemployment rate 9.4%! Dow futures up 120! We are opening way higher, my friends, if this holds. I’ll be back later today with an update on the market and the trades we have going on.

In pre-market trading, Cisco Systems is right at $20 even. Congrats to all of you who emailed me on Tuesday for the trade…Apple, RIMM and Palm are all higher in pre-market trading. Don’t sell those Apple call options just yet. There is talk Steve Jobs is coming back this month and Apple is kicking off a show on Monday. I wouldn’t be surprised to see ol’ Stevie Boy on Monday with a $99 iPhone model in his hand. Consumers will be all over this if it is true.

Rick Rouse

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