Unemployment Hits 8.1%...Futures Flat

Join Dave on the Weekly Wrap with Tom Sosnoff and Ben Watson at 4:30 ET New Daily Feature Coming as soon as we hear from you… Ask a technical market or stock question… Email us a great question and you’ll get a great answer… Email us at chartsignals@yahoo.com 3:58 ET - Late rally that began about 30 minutes before the close brings the DJIA, SPX and RUT into positive territory for Friday. Nasdaq was still down just before the close. 12:46 ET - SPY pushing to new daily lows... 10:41 ET - early strong buying in semiconductor stocks MRVL and BRCM, also strong buying in FWLT...strong early selling in GENZ...the opening relationship between SPY and QQQQ has held up...SPY has pulled back to essentially flat on the morning while QQQQ is weaker and is down at this point...XLE...USO...UCO are pulling back from the first hour highs as are many stocks and they are still up for the morning 10:18 ET...FWLT potential horizontal support bounce strong in early trading 10:05 ET...markets pulling back to opening levels after initial surge up...XLE...USO...UCO still strong...support bounce entry opportunity???...follow your rules! 9:50 ET...One of the core tenets of technical analysis is that Market Action Discounts Everything....apparently the Unemployment Report was discounted yesterday...today kind of reinforces Joe Granville's observation over 30 years ago that "generally news is for suckers"...as we have pointed out on many occaisons...news can create extra volatility and can have an impact for day traders, but seldom does it change the intermediate term trend...today shows us that those who thought the Unemployment Report would drive the market further down...really can't see the future...that why it is so important to follow... Dave's Insight: "Trade the market, not your thoughts or thoughts of the people on tv or in the news" 9:45 ET...SPY +2%...QQQQ +0.75%...XLF +2.75%...XLE +3.3%...Semiconductor stocks SOX +2.3% 9:38 ET...energy stocks moving in early trading XLE +2.27%, CVX +3.6%, XOM +2%, MUR +2.5%...USO +3.5% and UCO +7% 9:33 ET...SPY stronger than QQQQ in early trading...both are positive...XLF is now flat... BMO - About 20 minutes before the open SP + 2 and Nasdaq -2 point to a flat open...so it looks like the cash traders are going to determine the direction today...651,000 job losses in February...slightly worse than the estimate of 648,000 and the futures are FLAT??? Read the second paragraph of Thursday night's post...Do you think the market discounted the report yesterday? Gold stocks AEM, GG, GOLD, NEM, GDX and GLD are trading higher in pre-market trading than Thursday night's close...at least an early continuiation of yesterday's support bounce... A quick glance at BIDU, AMZN, AAPL, PCLN and it appears these stock are a few higher or lower in pre-market trading....so it looks like we will need to see cash traders to know whats likely to be hot this morning...XLF the financial Sector ETF is up 11 cents or 1.76% in pre-market so will this point to a counter-trend move up in the early trading in financial stocks??? We will watch key stocks at the open and report in a few minutes on what we are seeing so Stay Tuned...