No economic releases today and not a lot look forward to this week. Last week's data put some pressure on the markets until the release of the payrolls. We saw a better than expected ISM Index, higher than expected auto sales, an increase in new home sales, a lower-than-expected initial claims and an upwardly revised Q3 GDP growth rate. All that good news left traders with a sense of foreboding until Friday's release. Now the smart money seems to expect Big Daddy's easy money to stay in the market at least through the end of the year. Trade strong.
Friday's nonfarm payrolls report was the answer to the question the markets had been asking alll week. And it appears that traders believe Big Daddy wont have to call last call quite yet. The report showed an increase of 203K jobs and a drop in the unemployment rate from 7.3% to 7.0%. Those numbers were better than expected but not necessarily strong enough to force the Fed into tapering this month. The feeling of euphoria pushed the December S&P up +21.00 to close at 1805, That rally left the contract pretty much unchanged for the week.