Sang Lucci January 4th Pre-Market Update
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Markets turned positive this morning after the jobs report hit the street coming in worse than expected but not that far off. Unemployment rate rose to 7.8% while the number of jobs added was 5K less than expected, coming in at 155K.
Large-cap stocks across several sectors are sporadic and all over the place. Financials are generally positive while the Tech sector is getting hit in the premarkets. Apple is leading the way to the downside dropping about 7 points after the jobs number came out.
Gold (GLD) is again in the spotlight after FOMC minutes came out yesterday talking about a possible end to the QE3 program by the end of 2013. She's down a solid 2 points this morning after squeezing investors in on the long side last week up to $164. A pretty disgusting drop off that hurt many Gold funds.
The underlying sentiment in this market is still quite bullish and bearish traders/short sellers continue to find themselves without many ideas for entries. Having said that, the day will come that they pull the rug, even if it's only for a couple of hours, so watch the indexes closely for signs that the bear may be near.