Market Alert - Pre-Market

Futures vs FV: SP +0.32; DJ +3.07; NASDAQ -0.25

Futures started the pre-market low but have steadily climbed to positive. The past hour is back and forth following the jobs report, but for the most part holding the recovery. Gee where have you seen that before? Thursday? Banner day that was.

But, the bids returned so we will see how long they last. After the damage done to NASDAQ, SOX Thursday it will be interesting to see where the bids return.

Non-Farm Jobs: 178K vs 179K vs 142K (from 161K October)

Unemployment: 4.6% vs 4.9% prior.

How? Because those not in the workforce jumped 446,000 pushing those working aged people outside the workforce to 95.1M, a new record! While the Administration crows over 4.3% unemployment, the way it got there was pushing more working aged people out of the workforce. Good job.

Wages: -0.1% versus +0.2% expected versus 0.4% October. So much for the bounce.

Business and professional: 63K
Healthcare 28K
Construction 19K
Retail -8K
Manufacturing -4K

Construction remains better and those are some good jobs. Now we need to see mining and manufacturing return. As some anecdotal evidence, we note that machine shops in Texas are suddenly quite busy with 'rush' jobs as oil field action picks up.


OTHER MARKETS
Bonds: 2.398% vs 2.454%

EUR/USD: 1.0662 VS 1.0663

USD/JPY: 113.846 vs 113.945

Oil: 51.09, +0.03. Flipping back to positive from a negative morning.

Gold: 1175.70, +6.40


The Fed is seen as on track to hike and hike more often after the November data, not just the jobs data. Hey, that is just playing catch up to the bond market, right?

Futures are hanging in, but that has not been an accurate forecast of the session's direction. Thursday did some damage to tech, chips while others jumped then faded the moves. That has not likely worked through the market yet. Retail, however, looks good, and if we see our plays move, we move.




Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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