1:35pm (EST)
The overseas markets were anticipating a weak jobs report last night as most of the indexes started their session with a 1% loss which led to a lower futures market here at home. There was a little optimism mid-week ahead of today’s Nonfarm Payrolls but that quickly waned as the report showed zero job growth. None, nada, zilch.
Futures immediately weakened even further as the market opened sharply lower and quickly came down to the support targets we mentioned from this morning.
The indexes have come off their lows but with volume drying up ahead of the holiday weekend, it will be tough for the bulls to make a comeback. However, the good news for them is that they are still up slightly for the week…by a thread.
The Dow is down 207 points to 11,286 and needs to hold 11,284 to get the win while the S&P is off by 25 points to 1,179 and is looking to hold 1,176. The Nasdaq is showing a decline of double-nickels (55 points) and is at 2,491. Tech will need to finish above 2,479 to end in the green for the week.
We have been mentioning Obama’s big speech after Labor Day and how crucial it will be for him to address two of our nation’s biggest issues. Jobs and Housing. The Fed has already put the spotlight back on Congress and the President will need to hit a homerun with the people to restore our confidence back into this great nation of ours.
The President’s plan of attack will come out Thursday so we hope his vacation to Martha Vineyards allowed for him to think outside of the box. We will go over some rumblings of what we have heard and other initiatives that could be in play in the Weekly Wrap which will come out Sunday night/ Monday morning.
Remember, you can get access to our Weekly Wrap thru mid-September at no charge if you are a current subscriber by sending us an email. If you sign up for our Daily publication over the weekend, we will also include the Weekly Wrap with your purchase thru mid-September as well.
Folks, the Weekly Wrap newsletter is a great way to get prepared for the upcoming week and each issue covers two new companies that could be on the move, including chart work, earnings, economic new and our Covered Call portfolio.
We are expecting a busy next week so we want you to be prepared. Subscribers, please check the Members Area for today’s updates for our trades one last time before we roll out.
We will see everyone back here on Sunday night, so until then, have a sweet weekend! And make sure you hit us up on our offer.
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