Mixed Day Following Decent Jobs Report

The Employment Report numbers reported in better than expected results, which is giving the stock market a solid boost before the open. The unemployment rate dropped to 5.0% from 5.1%, and beat the expectations for a rise to 5.2%. Non-Farm Payrolls fell to 20k from 80k, and beat the expectations for a loss of 75k jobs

In addition, the Fed announced it is increasing its Term Auction Facility to $150 billion from $100 billion. The Fed is increasing its swap lines to the Swiss National Bank from $6 billion to $12 billion, increasing the line to the European Central Bank from $20 billion to $50 billion, and expanding its TSLF to include AAA asset-backed securities. Based on the timing of the announcement with the Jobs Report, it looks like the Fed is trying to make sure the current rally sticks.

Look for more movement in Financials and Tech, and of course movement in most of the other sectors. Keep an eye on Big Tech, perhaps IBM is ready to move. Tech stocks may have 1-2 more days in the current swing, especially those that aren't over-extended. Financials could also run for another couple of trading days. We shall see.....

12:40 pm MT: I sold all out on ANR at this 60m swing high intra-day. I made 21% return on the trade, which I entered yesterday. I took a little out on CNX for a 48% return since yesterday, and I'm still holding most of it. I sold half my PH just now for a 35% return.

1:00 pm MT: I sold all of my MS calls for a small 15 cent profit. It's probably just me, but MS looks a little too squishy. It may still swing up some more, but I'm cutting it loose anyway. Earlier in the day I sold the rest of my ADBE calls and finished the trade, which ended up as a 43% return. ADBE looks like it has a little more gas in the tank, so it's probably ok to ride a little through the weekend.

1:20 pm MT: The SPX is at a critical point intra-day today. It is bouncing in a Bull Flag on the 60m charts. It would be better for Monday if it can close a little stronger than it is today. We had a gap and fade on the markets today (although Commodities and Energy are strong and bouncing). The only positive on the gap and fade is that is was looking like a decent Bull Flag on the 60m charts, so it would be nice to see it bounce a little into the close.

2:30 pm MT: The good news is the Bull Flags on the 60m charts of the Dow, SPX, and Naz all bounced before the close. Tech is getting tired on the short term, which was to be expected. Financials were a bit disappointing to me today, I wanted more follow-through, and that, more than any other factor, probably kept a lid on the market. Energy and Commodity stocks did their part by bouncing. Some areas were a little weaker, some a little stronger, but all and all a good day for those sectors and groups.

It's late, after a long trading day and work day. So I will talk more about next week in tomorrow's Watchlist Saturday post. I will also give a tally of my positions, and all the stocks with confirmed buy signals.