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Strategies & Market Trends : IPO and Other Stock Plays
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To: david777 who wrote (12300)5/5/2005 9:14:38 PM
From: david777   of 13331
 
FRIDAY:
The jobs report is the marquis event, but we feel that it won't dominate where the market is heading over the next week even if it disappoints. As for the actual number, 175K non-farm jobs are expected, and the weekly claims and private surveys indicate this is in line. Indeed a 200+K month may be in the works. Either way we don't feel the result will have a lasting impact into next week.

We have a positive outlook for the market overall near term with the follow through and some good leadership moves. It does not hurt that some are factoring in that the Fed is very close to being done and that oil is still near a breakdown at $50/bbl (if only it would). Nonetheless there are also many stocks still locked in downtrends and thus far unable and not showing any signs of reversing the trend. It often takes time after a follow through for the rest of the market to come around, and some, such as the auto and auto related stocks may not do it.

Thursday gave many stocks a breather from strong breaks higher. If they continue from here that shows renewed interest and strength and some will be worth a buy as the market continues this rebound from the hard selling and then sets up some downside to set a better bottom as the summer rolls around.
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