Lee,
>>>>> February Employment: February non-farm payroll rose 275,000 and the unemployment rate rose 0.1% to 4.4%; numbers are in line with expectations, but should bode well for the bond market nonetheless, helping stocks..... I thought they were looking for 245K, not sure how much it could be over before it would start the bond down. <<<<<
The futures are up 17 right now since they claim that the number 300,000 was priced into the market. So the number came in below, so the bond market is rallying.
I also heard the same that they were looking for 250,000 range. Granted that 300,000 is priced into the market but wouldnt the higher figure of 275,000 still make the FEDs think about tightening. So maybe a .25 rate increase was priced in.
So the question then becomes at what highest level of interest rates will curtail the market from rising further. Is it 5.75% or 6.00% or what?
Well if the market internals do not improve quickly and dramatically then the bubble is heading higher, but Im specificly watching the NEW HIGHs/LOWs. If the the NEW HIGHs can out number the NEW LOWs, and the DOW breaks the 9600-9650 area then I will change my position, otherwise it will still be a trading range trend.
seeya |
