Market Alert - Pre-Market

Futures vs FV: SP +12.33; DJ +103.71, NASDAQ +20.27

Futures were higher ahead of jobs, anticipating a market-palatable number. While futures are off their post-Jobs Report highs, first blush appears to be the market views the miss as good enough, i.e. good enough to keep the Fed on rate hike course and good enough to show economic growth, particularly with the mix of jobs.

Non-Farm Payrolls: 235K vs 188K vs 238K prior (from 227K)

Unemployment: 4.7% vs 4.8% January

Wages: 0.2% vs 0.1% prior (reduced from 0.2%), +2.89% year/year

Workweek: steady at 34.4

Participation Rate: 63.0% from 62.8%. More people getting back into the jobs market.

Household: +340K into workforce, unemployed -107K

Not in workforce: -176K. On top of the January -736K, this is the largest 2-month decline in those not in the labor force on record. Hope and change?

Construction +58K
Manufacturing +28K
Healthcare +27K
Professional/Business: +37K
Transportation/Warehousing +8K
Private Education +39K
Retail: -26K
Hospitality & leisure +26K


Earnings beats: ULTA; ZUMZ; MTN

Misses: HIBB (TL); BKE (TL, BL); FNSR (TL, BL)


OTHER MARKETS
Bonds: 2.596% vs 2.60%. Not spiking as the jobs data was okay, not the blowout some were whispering.

EUR/USD: 1.0632 VS 1.0598

USD/JPY: 115.354 vs 115.259

Oil: 49.67, +0.39

Gold: 1204.60, +1.40


After over a week of testing the post-SOTU surge we will see if the Jobs Report can aid as a catalyst to move the indices back up off that test. As noted last night, we have many plays on the report ready to move. They look as if they will move, but will they hold that move? Some are ready to buy if they continue with moves they started Thursday, others are going to start their move higher and need to show they can hold it. Friday, and that makes for more volatility as the ETF's will need to rebalance in the last hour, but if the good patterns show good moves, that speaks for itself.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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