Daily Delphi

Post: Friday - That dog just won't hunt. | Daily Delphi

BlogsPit Talk › Friday - That dog just won't hunt. March 7, 2014, 6:50 am

CALENDAR
7:30 AM CT
Non-farm Payrolls for Feb
Prior 113K Forecast 110K
Non-farm Private Payrolls for Feb
Prior 142K Forecast 175K
Unemployment Rate for Feb
Prior 6.6% Forecast 6.5%
Hourly Earning for Feb
Prior 0.2% Forecast 0.1%
Average Workweek for
Prior 34.4 Forecast 34.4
Trade Balance for
Prior -38.7B Forecast -37.0B
2:00 PM CT
Consumer Credit for Jan
Prior 18.8B Forecast 10.0B

THURSDAY RECAP

A better than expected initial claims report was enough to rally the markets early, but the momentum just couldn't be maintained. As the day progressed the major indices simply faded back down. The Dow led the day up +.38% followed by the S&P +.17%. The laggard of the day was the Nasdaq which settled down -.13%. Investors knew there wouldn't be much action in the broader markets yesterday and chose to keep their powder dry for today's trade.

TODAY'S ACTION

Once again the payrolls number is upon us. Overnight the Asian and European indices were mostly down. In the US, futures are holding a narrow range in front of today's number. The last two jobs reports have come in under market expectations, and traders have justified the poor results by blaming the harsh winter weather. The trend is expected to continue in the February data. But someday soon that dog won't hunt. Sooner or later traders will have to pay attention to the data - even if it's weak. We're looking for an increase between 90K - 150K. Anything outside off that range could illicit a pretty strong reaction. Trade strong.


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