Yesterday’s news doesn’t really matter as of this update but we like to keep tradition around here.
The Dow had it 4-session winning streak snapped on Thursday as the index fell 25 points, or 0.2%, and closed at 11,697 while the S&P 500 slipped 3 points, or 0.2%, and settled at 1,273. The Nasdaq was able to pull out a 7 point win and finished at 2,709.
Of course, it’s all about the jobs numbers which came in mixed and will be hotly debated today. The unemployment rate fell to 9.4% (December), from 9.8% (November), while non-farm payrolls increased by 103,000 versus expectations for an increase for 150,000.
Futures were slightly up but began to fluctuate after the report. Currently, futures are slightly lower but the action favors the bulls.
As far as specific stocks, Dendreon (DNDN, $35.42, up $0.21) is holding a conference call to update Wall Street on its U.S. commercialization progress and its plans on breaking ground in European for Provenge. Dendreon will also go over their pipeline so we could get a good surprise here too.
We have been bullish on this stock for years (when it was under $5) and shares have been in a tight trading range since mid-October. The stock could get a pop today if there are significant developments in bringing their U.S. plants closer to production and if a deal with another drug company is announced.
We have a lot to cover in our Members Area and we may be sending out a Trade Alert later this morning. Some of our positions are showing triple-digit gains and we may close half positions ahead of the weekend. You know the saying: Bulls make money, bears make money, pigs get slaughtered…