We did get a bit of a surprise in the unemployment report, but not enough of an outlier to move the markets significantly in either direction.
I digress to say that I have snow envy as the pitter patter of snow with the intermittent 3 to 4 day high pressure system is cutting into the powder days for the 2009/2010 ski season. Although their isn't new snow, Deer Valley has the views, the blue sky and epic groomers - see Stein's Way and Jordanelle.
When skiing Deer Valley, find the mountain hosts at 9:30am at Snow Park and 1:30pm at the base of the Sterling lift for complimentary mountain tours.
The markets were pretty choppy with the usual dollar weakness - see strong crude, strong commodity stocks, weak dollar. So another quiet day with the VIX even lower - towards the 19 level and trades far and few between for the very short term trader.
The markets are still in a sideways to upwards trend with certain sectors outperforming (I mentioned commodities).
Let's take a look at AXP:
AXP is showing some great resistance in the $42.00 range. Even though it is still a sideways to uptrending stock, there seems to be some major selling pressure in the $42.00 range.
Regarding today's unemployment report and the bigger picture, we have an uptrend in job losses and the unemployment rate. Even though today showed 80k in job losses, the revisions showed our first month of job gains since the recession began. What is next?
Are we going to go from job losses to recovery without any hiccups? Or are we going to see a few months of job losses going into the 1st and 2nd quarter of 2010?
My bet is we see stagnation - no job growth or losses with the risk to more job losses in the near future. You must prepare for this by reading the charts and having a clear understanding of trends, support and resistance.
Therefore, the RTH ETF representing retailers will continue to go sideways and thus retailers themselves. Let's take a look at our socially responsible company for the day, WFMI:
It is Friday and time to step away from the markets.
Happy Trading and Be Environmentally Cool with Locals Have More Fun apparel
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