Yesterday the S&P500 hit a high for this year shortly after the open and then continued to sell off and eventually close in the red. Sectors remain overbought, but we still have yet to see any real technical damage – simply a bit of caution about consumer spending and the upcoming jobs report that will garner headlines and attention. Folks were expecting job losses of about 275,000 – 300,000 with unemployment rate rising to 9.7 percent.
US nonfarm payrolls declined by 247,000 in July (after 443,000 loss in June) the Labor Department reported today -- and the unemployment rate surprisingly fell from 9.5 percent to 9.4 percent. Once the numbers were released, the market immediately reacted positively seeing it as a turning point in the recession.
As always we remain on the lookout for great looking charts, but still feel that the market needs to at least churn for a bit to work off recent gains before moving higher.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment