Unemployment Rises, Markets Pull Back, Oil Rises

12:38 ET - DJIA -56, SPX -7, Nasdaq -19, RUT +0.55, SOX -3, Oil +1.72 The Labor Department reported that Nonfarm payrolls fell by 51,000 in July better than the forecast of 72,000. This is the seventh month in a row that payrolls have fallen. A total of 463,000 jobs have been lost this year. Unemployment rose to 5.7%, a four-year high, versus a forecast of 5.6%. Markets initially sold off after the open and stabilized after the first half hour of trading and have risen moderately during the past two hours. The intermediate term trend status is still neutral...watch the key short-term support and resistance levels for the next breakout either up or down.... Oil is up 1.72 at mid-day and USO is +1.07 and XLE is up 83 cents. The Energy Sector is up (XLE) while all other sectors are down at this time: XLF -0.15, XLU -0.50, XLB -0.80. Friday's Action Moving Up: ANR, SOHU, MEE, FSLR, STRA, SINA, MS, USO, NIHD Moving Down: MA, X, SCHN, DECK, MON, POT, MOS, CNX, GS, BIDU, NUE, IPI, RIMM, DRYS, AAPL, BTU, V, CELG, IBM, CLF, PCLN, GRMN, EBAY, FWLT