The bulls gave up some ground ahead of this morning’s headline news so let’s go over the numbers real quick.
The Dow fell a buck-twenty and finished at 11,493. The index traded to a high of 11,716 but ended near its low for the day. Downside support is at 11,350 while 11,600 will be the bulls immediate target followed by 11,800.
The S&P dropped 14 points to end at 1,204 and was able to hold the 1,200 level all session. If this level is busted, look for a trip down to 1,175. The bulls will try to hold and make a run at 1,225 again.
The Nasdaq gave back 33 points to settle at 2,546. The close below 2,550 opens the door for a possible test down to 2,525-2,500 while resistance at 2,600 has been hard to stick.
This morning’s jobs numbers? Terrible.
Nonfarm payrolls came in flat as employers added no jobs for the month while the Unemployment Rate was unchanged at 9.1%. Even worse, the June and July numbers were revised lower, to show 57,000 fewer jobs added. The downward revisions were all in government jobs.
Futures are reacting accordingly. Dow futures are down 170 points to 11,295 while the S&P futures are lower by 20 points to 1,181. Nasdaq futures are showing a decline of 30 points to 2,187.
We have a few trades that will see some action today but we are really excited about next week. We have listed a ton of stocks on our Watch List as we will be looking to add 3 or 4 possible NEW trades. There is also a trade or 2 we may release today for our Daily and Weekly Wrap.
We will do the chart work for the 15 stocks we have on our Watch List over the weekend but many of you can get a head start by checking out the names. We have listed BOTH call and put options as we feel the market could be at one of its most important junctions next week. Folks, we have been mentioning the next 4 months is where we like to make our money because it defines your results for the year.
Our CLOSED trade 2011 portfolio is showing a double-digit gain while the market is currently down a few percentage points. There are some open trades for September which we will be closing over the next week or two that could go either way so we have to let them play out as well. Our point is, we will be positioning ourselves for the back-half of the year with our next batch of option trades which could pay off big if we get the clues we believe we get next week when Obama speaks.
Subscribers, please check the Members Area for the updates and pay close attention to the Watch List. Also, if we do send out a Trade Alert this morning, look for it by 11am (EST). Other than that, we will see you back here at lunchtime.]]>