JB et al,

US futures are giving a round chorus of the raspberries to the jobs report as we type such that it is hard to see how we have an up day, at least in the earliest going. Keys today, I guess, should be what happens to the $USD specifically because whatever happens there will either subtract from or magnify the jobs effects.

What to watch for chart watchers? I think that the fifty dma at the $SPX is the battleground. It is at 1053 or so and the market will either take it out to the south in which instance we could go right back into bear mode for the next few sessions or the market will defend it and we continue to dance on top of the fifty. It is very hard to asses the magnitude of the reaction this early. One should say that this report is sufficiently bad that trading should be ugly and increased pessimism should return by way of piercing the fifty. But the market is a funny beast so that, if it does not, then the market could actually turn somewhat bullish on the idea that even discouraging numbers don't matter.

Regards,

Peter