Increased volatility followed the release of the jobs data as the data was mixed: non-farm payrolls came in below consensus 103k vs. 150k; but the unemployment rate was better than expected 9.4% vs. 9.7%. The Nasdaq notched a new recovery high but the DOW and S&P failed to confirm. That was an invitation to short as depicted on the S&P emini futures chart above. Price made a fast move to support and managed a sharp retracement despite the lack of volume.
On the daily timeframe we see that last week's action carved out two hanging men sticks which foreshadow a correction. The more times we test support, the more likely it will weaken and give way.On the $CPC chart below, we note that when call buying reaches excessively bullish levels, below 0.75, a correction is not too far behind.
Watch list names for next week CF $140.00, and MGA $60.00. Also, like AMGN after favorable patent ruling.
Also like DNDN which is getting positioned for a big move to the upside.
I will be attending a three day futures trading webinar starting tomorrow. Earnings season kicks in tomorrow with AA and APOL reporting AH.
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