The economy received mixed news on jobs this morning as the headline unemployment rate fell to 9.7% from last month's 9.9%. Unfortunately, virtually all of the reported jobs gains came from the hiring of census workers. The total number of jobs created was about 430,000, but 411,000 of those were census workers, who will be laid off in a couple months.
As a result, the market is not taking this news very well, and will be heading sharply lower at the open. Where it goes from there is anyone's guess, but I suspect there won't be too many traders looking to hold long positions over the weekend.
Scott Cole
www.kungfutrader.com
www.bestdaytradingstocks.com
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