Abet Chichi2

[chichi2]

12:10 ET Market View: Indices pull back toward intraday range floor/session low (TECHX) : -Technical- -Update- The market averages staged a decent bounce off the early data related lows but were unable to build on the bounce. In recent action the major averages have weakened bringing their intraday range floor/session lows at 2290 Nasdaq Comp, 11806 Dow and 1344 S&P 500 in play. Short term secondary supports are at 2287 and 2282/2280 Nasdaq, 1341/1340 S&P 500 and 11790 Dow.

12:21 ET Market View: 10-Yr Yield sets new session/two week high, Home Construction -XHB- and REITs -IYR- back near session lows (TECHX) :

10:28 ET Qualcomm - - 50 Day Alert (QCOM) 36.39 +0.13: -Technical- -Update- Price pops above yesterday's high of 36.31 to challenge its 50-day simplel ma at 36.54.

"The jobs report showed a lower than expected nonfarm payrolls gain of 51K (consensus 120K), but there was an upward revision to the prior month to188K from 128K. The two months together average just about 120K. Hourly earnings rose 0.2%, which was below the 0.3% consensus estimate and the unemployment rate dipped to 4.6% from 4.7%. Altogether the data won't change expectations that the Fed will refrain from raising rates again at this month's FOMC meeting, so we consider this really to be a neutral report." "The futures market has weakened in the wake of the jobs report as participants are concentrating on the below-consensus nonfarm payrolls gain as a sign the economy may be slowing in a more appreciable manner than is now believed. We disagree with that view and think the payrolls number is simply offering a perfect excuse to take some money off the table from the market's short-term overbought condition."




source:
http://www.briefing.com/harrisdirect/stocks/inplay.htm