Jobs Number Surprises, Big Open Expected

9:15am (EST)

Futures are pointing towards a higher open after the market got a great non-farm payroll report this morning. U.S. employers cut a fewer-than-expected 11,000 jobs last month, the smallest decline since the start of the recession in December 2007.

The news strongly suggests the deterioration in the labor market could be improving as the unemployment rate fell to 10%. We were at 10.2% in October. The government also revised job losses for September and October to show 159,000 fewer jobs lost than previously reported.

To put this in perspective, Wall Street had expected non-farm payrolls to drop 130,000 last month…

Dow futures are up an astounding 116 points to 10,466. The Nasdaq 100 futures are at 1801, up 21 while the S&P 500 futures are up 14 to 1,111.

One stock that will not take part in today rally is Take-Two Interactive Software (TTWO, $10.92, down $0.39). The company unexpectedly warned that it will NOW post a loss this year, blaming release delays, high development costs and lower game sales.

The stock is getting absolutely crushed in pre-market trading as shares are down over 30% to $7.55.

The company said it will report a loss of 40-60 cents a share on revenue of $1-$1.2 billion for its fiscal year. Wall Street had expected the company to post a profit of 59 cents per share on revenue of $1.24 billion.

Gold is getting crushed this morning as the dollar has rallied along with the futures. The yellow metal is down $30 and back below $1,200. We told you gold was getting over extended…

Current subscribers, please check the Members Area for for all of today’s action…

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Jobs Number Surprises, Big Open Expected

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