Unemployment Drops to 9.4%...Better Than Expected...Futures Rise...

Dave will be in Virtual Coaching Foundation from 11 am to 1 pm MT and on the Weekly Wrap with Tom Sosnoff and Ben Watson at 2:30 pm MT. 11:45am ET - The SPX had a nice support bounce since 10:00 am and broke out of the 1,007 resistance and made a high of 1,015.3. It is currently at 1,011. I hope you took advantage of the support bounce earlier... On Wednesday morning in my AT webcast I shared this chart on BDK and pointed out the Inverse Head and Shoulders reversal pattern with a chart target of 60 with a two to seven month time target. I showed a real time virtual trade purchasing 30 Jan 10 45 strike calls which at 8:39 am MT were filled at 1.65. This morning BDK is in a strong move up with the rest of the market and the Jan 45 are at 2.50. That is a gain of 85 cents or 51% in two days. We'll keep you posted as this intermediate term trade unfolds. (click image to enlarge) 10:00 am ET - The SPX has risen 1,009.52 during the first 30 minutes of trading and is again pulling back...so far the SPX is holding above support and not quite able to break through resistance with a strong break...so far we are seeing a 9 point trading range to the upside on the SPX...we are still in an up trend so consider support areas as entry opportunities... BMO – ES +10 and NQ +20 futures are higher in pre-market trading after the Labor Department said Unemployment fell for the first time in 15 months…falling to 9.4% versus expectation of 9.7% and job losses slowed to 247,000 versus expectations between 270,000 and 320,000. This is obviously much better than expected and look for the SPX to break through 1,007 resistance and move towards the 1,025 resistance level. XLF, XLI, XLK and XLB are showing strength in pre-market trading. Expect financials to continue to lead the market during its next leg up. Our real time virtual trade in BAC (Sep 15 Call at 66 cents) from my live AT Workshop last Thursday closed on yesterday at 2.21 and is up $1.55 or 234%. BAC is up 30 cents in pre-market trading on 12 million+ shares just before the open. Look at these Charts… (click image to enlarge) At the Open on Friday SPY – QQQQ – ADBE – AAPL – PCLN – ISRG – EBAY – FUQI – PWRD – BIDU – GMCR – BDK – FAS – FAZ – BAC – ZION – STT – SPG – URE – JOYG – X – GES – NFLX – FSLR –