Futures Mixed After Unemployment Report...

1:33 pm ET - SPX hits next support level of 1,050... 11:25 am ET - our CREE virtual trade lesson became even more intriguing as it has rebounded from its first hour sell off...right now it is forming a hammer and bullish harami, the candle pattern may be entirely different by the end of the day...earlier I made reference to if a trader put the stop in the machine...some traders don't put stops in the machine at least for the first hour because of first hour volatility...I will explore this issue in more detail in the Friday after market post... Look at this Chart… (click image to enlarge) 10:30 am ET - a strong support bounce in the last 10 minutes bringing SPX back to its opening level and the NDX +9... 10:05 am ET - after 35 minutes - sectors XLF +0.04, XLV -0.08, XLK -0.09, XLB -0.13...XLE is weakest -0.75... 9:55 am ET - both the SPX -3 and NDX -6 have turned lower from their open... 9:53 am ET - ZION a support bounce setup?... 9:50 am ET - SPG +2.55, +3.64% is rising after reporting earnings and guidance this morning... 9:43 am ET - CREE virtual homework if a trader used 55.25, 20 cents below the Jan 29 low, as their virtual stop and they put their stops in the machine, they just got stopped out... 9:37 am ET - early decliners include HEAT, WCG, AMD, BA, FLS, NFLX, GMCR, BUCY, SYNA, DLB, WAB, GES, HDB, WHR... 9:35 am ET - early risers include UNG, CREE, ZION, CED, WFC, UAUA, SPG, ALGT... 9:30 am ET - SPX opens +1 and the NDX +7... BMO – ES -2.00 and NQ +4.00 futures are mixed in pre-market trading pointing to a flat to lower open. AAPL +1.10, AMZN -0.14, GOOG +2.22 and BIDU +3.08 are mostly higher in pre-market trading. The Unemployment report for January came in at 9.7% down from 10%, surprising many who had feared an increase. Futures rallied from lower levels before the report. It will make for an interesting morning to see if traders buy in response to better than expected news or if good news becomes bad news once again. The Euro is down 40 pips in overnight trading. Oil is up 20 cents in electronic trading. XLE is up 7 cents in pre-market trading. SPY is down 11 cents in pre-market trading. XLF is up 12 cents in pre-market trading. Continue to watch XLF as a key to a support bounce rally in the SPX as it is doing this morning. Follow your rules in any trading actions today. Be logical. It looks as if the markets will open flat with some separation between the broad SPX and the tech NDX. Watch 1,071 (Jan 29 low) and 1,079, Thursday’s R1 on the SPX if the index does begin to rally. SPX Support = 1,050 – 1,044 Resistance = 1,071, 1,079 Trading Down: Trading Up: ISRG, ESRX, NIHD, PCLN, CERN, HANS, AAPL, VRTX, BRCM, MA, MYGN, FAS, CREE, SPG, USO, UNP, CHL At the Open on Friday SPY – QQQQ – FAS – BA – ALTR – GMCR – ALGT – SHLD – CREE – STX – ZION – STT – NTRS – DECK – ISRG – BAC – INFY – X – AAPL – AKAM – AMZN – NVDA – SNDK – BUCY – PCLN – UAUA – ACN – AGU – DE – DOW – DHR – MA – PCP – POT –