VIOLA!!! The NFP number was reported to be 114k vs exp 113k and the unemployment figure was reported as 7.8% vs exp 8.2%, previous 8.1%. Also, employment figures revised up substantially for previous two months, +86,000. Revisions were almost entirely in public sector…Shortly after the report was released the cynics were out – proclaiming manipulation – plenty of retorts followed with plenty more to come. The monies spent on this election are beyond ridiculous reaching new records as the tone reaches for new lows. What happened to content and the issues, challenges in front of the US. Traders should focus on the nes and not be distracted by the hype. Moving on, the financials have been one of the leaders as the mortgage rates have hit record lows, even as the Fed recently reported (on top of previous fines of late) they are looking into JPM, Credit Suisse…assuming others to follow just sayin… Recent economic data has not been declining as rapidly as earlier in the year and previous to that with some sectors holding and some sectors firming. The semi’s and the transports have garnered many of the laggard headlines as the spoos have essentially gotten back to its 1468 high – without AAPL which traded down to 652.7… falling from its high of 705. ROTATION – man get used to it.
Morning observations: volume a bit low considering…..all the smoke & mirrors.
Differences Between Greece, Troika Exist In All Areas Of Talks, Source Tells DJ-WSJ
Rajoy: Spain Has Not Taken A Decision Yet On Bailout BBG
Headlines are and will be coming fast and furious – as the content and the tone can only worsen over the next 32 days… Personally, I am not looking forward to the coming headlines from the elections here or Eurozone as the austerity measures continue to play out.
Friday started with 336k ESZ and 1.5k SPZ traded on Globex, trading range 1464.00 – 1454.50 / Thursday’s RTH’s, pit range was 1457.50 – 1449.00, settled at 1455.80 up 11.1 handles. Today’s RTH’s gapped 7.5 handles higher to 1463.50 – 1463.30 and traded in a very tight range of 1461.00 – 1464.30 until 9:20. 2X TOP OFF 1467.50 9/14 HIGHS EUBIE (09:24:04): lets start a legg SHORT 1465/66 SWING and the spoos trade 1460.30 by 10:45 and up to a new daily high at 1466.00 at 9:29CT. After making the high the SPZ stair stepped down to low of 1459.50 at 11:09am CT, then lower high 1462.50 11:44pm. The SPZ then made a lower low at the 1457.50 area at 1:10CT, then rallied back up near the 1462.00 area before selling off to 1454.50 to 1453.50, tried to hold, made a new low at 1452.50 (Mike Vs daily pivot) and then rallied back up to 1454? at 2:20 Ct. Bottom line here; its been a slow grinders all day. Total DOW volume is only 382M shares traded and here in the S&P futures there is only 1.35mil ESZ and 3.8k SPZ traded. After making the 1452.50 low the SPZ short covered back up to 1445.50 then back down to the 1453.50 area and then down to new lows at 1451.50 just before the cash close. At 2:45 28 of the DOW 30 where to buy (size) and the broader market MOC showed BUY 700mil. The SPZ then traded back up to the 1455.00 area. On the 3:00 cash close the SPZ traded 1455.45 and then settled at 1455.70 on the 3:15 futures close, down .10 handles on the day.
EUBIE (10:25:45): SPZ 1461.75 PUNCH & 2XBottom TEST // 1461.50 RIGHT SHOULDER EITHER BLOWS OUT OR NECKLINE / min charts
MrTS video: http://www.mrtopstep.com/10-5-2012-rich-canlione/
MrTS charts: In SPU’s we are up +40 HANDLES BOYS FROM THIS CALL LAST WEEK 1425 http://www.mrtopstep.com/mrtopstep-charts-i-gotta-case-of-the-bollingers-esz-1425-cl-89-bonds-zb-144/