Dow and S&P Rise After Jobs Report

DJIA + 48.87, +0.37% SP500 + 4.56, +0.32% NASDAQ Comp. - 3.72, -0.15% Russell 2000 - 4.01, -0.55% The jobs reports showed a loss of 20,000 jobs in April compared with an estimated loss of 80,000 jobs. Unemployment fell to 5.0% in April from 5.1% in March compared with an estimate of 5.2%. Both reports were better than expected. Oil rose to $116.32 a barrel. The DJIA, S&P and Nasdaq sold off from the their early morning highs and finished well above both their respective breakout points (now support) and above the S1 support of Thursday’s large white candle. The Russell 2000 bounced down from resistance and stayed above the S1 support of Thursday’s large white candle. We have changed our intermediate term trend reading to up. Support bounces occurred in AGU, MOS and POT today. Today’s Action Moving Up FSLR, MTL, X, AGU, CNX, POT, CLF, CF, SOHU, MOS, MEE, MON, SCHN, GS, AAPL Moving Down MA, BIDU, STRA, V, AMZN PCLN, ESRX, DECK, FWLT Intermediate Term Market Trend: Up Short Term Market Trend: Up