Official jobs report comes in under estimates with only 216,000 new jobs (both non-farm and private), 124,000 less than expected. The unemployment rate came in lower than expectations though at 9.4% versus 9.7%. We saw some quick selling come into the market following the report. ES traded down to the 1265 support and has now recovered and is holding steady back up at 1268.
This sets a negative tone for the day. I will be looking to sell the up-ticks. I think the employment situation is still bad, any gains are more likely a result of seasonal fluctuation and/or the result of expiring unemployment benefits.
Levels to watch today on the ES:
Resistance above at 1269-1270, 1275
Support below at: 1265, 1260-1261, 1256 and 1250-1251
Friday, January 7, 2011
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