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There was a Job’s Report Today???
The highly anticipated Unemployment report came and went. The bottom line, the Unemployment rate unexpectedly dropped to 9.0% in January but the nonfarm payrolls added only 36,000 jobs missing expectations. After the number was released traders were confused at what side of the trade to take. Initially we had a sharp run to 1308.50 then a sell off to the daily pivot at 1300.75. Back and forth until we broke to new lows as news out of Egypt reported the U.S. government was or may be pressuring Egyptian President Hosni Mubarak to resign. Good thing/Bad thing? The SP EMINI sold off on the news putting in a low of 1298.00, the dollar strengthened, gold lost its strength and crude oil dropped 1.67%. However, like the Energizer bunny the SP market digested the news and closed near the upper end of the trading range forcing the early sellers to cover. In the end the SP EMINI produced a 10 pt. range from high to low………..zzzzzzzzzzzzzzzzzzzzzzz
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