Friday, February 5, 2010
Today’s U.S. Non-Farm Payrolls Report appears to be taking a backseat to the fear that sovereign debt woes in the Euro Region will escalate. Traders continue to monitor the financial
difficulties in Greece while keeping one eye on the key U.S. jobs report. This morning’s report is expected to show that 25,000 jobs were added last month. This is down from a guess of 40,000 earlier
in the week.
Key retracement levels were violated in the March E-mini S&P 500 yesterday. Look for continued weakness with 1069.50 the nearest resistance. The charts indicate there is room to
the downside with 1021.00 a potential near-term target. Today’s jobs data will have to blow away estimates or a solution to the fiscal problems in Greece will have to be reached in order to trigger a
rally.
March Treasury Bonds continued higher overnight. Key support at 118’24 is holding which could trigger a rally to 119’24. A higher than expected jobs report will trigger a break in
this market provided traders decide to focus on the economic outlook rather …
