01 Feb Hang on, it’s been a bumpy ride
It’s been quite a morning for the markets with the monthly Jobs Report pushing the S&P 500 to 1509 and the Dow poking above 14,000 momentarily. The Jobs number of 157,000 was below the target of 180,000, but previous months were revised higher. That was enough good news for stocks to continue their climb higher. The Unemployment figure moved from 7.8% to 7.9%. That was welcomed news for the bond market, as the likelihood of QE3 will continue full steam ahead. Lastly, ISM Services and Consumer Confidence was higher than expected as well. mortgage bonds moved above the 200 DMA earlier, but are now below that level once again. We will start the day with a floating bias.