Monday, March 28, 2011

Market Holds Gain Despite Profit Taking

{ Market makes it 6 out of 7, holding a gain despite some afternoon profit taking.
{ Older economic news (GDP) is fine, but the newer information is not as
{ Second Fed member talks about inflation. Market may be assuming QE 3 but the Fed has started dropping bread crumbs.
{ A solid week, a bit extended, but more tape painting provides a path for gains up to . . . the Jobs Report.


A bit of profit taking late in the session but nothing to change the week.

The stock market performed as expected on Friday with a continuing recovery rally. It lasted at least through lunch, and then it made the pullback that we anticipated into the afternoon and the close. There was a bit of profit taking, but it was not anything spectacularly negative. It was just a little fade ahead of the weekend following a good six out of seven upside sessions. NASDAQ, +0.25%; SP500, +0.3%; Dow, +0.4%; SP600, +0.84%; SOX, -0.25%; NASDAQ 100, +0.2%.

Nothing negative at all about the action. It was just a day where the momentum continued until the afternoon when some profit taking occurred. We felt that was going to happen, and we were part of the profit taking. We bagged a few nice gains here and there on another run to the upside. With the market being this choppy over the past few weeks, having a nice run and banking some gain is a very good outcome. Moving into next week, the question is whether the tape painting ahead of the end of the quarter will continue, and will it continue into the Friday jobs report? Friday will wrap up the quarter, and it will be interesting to see if the market moves right up to the quarter or if there is an anticipatory pullback.

New money has been coming into the market on new months (excepting this month). Overall we have had good upside moves to start each month and each quarter as fresh money is put to work. There is no doubt that new money is coming into the market, but there are some issues ahead we have to examine before we can conclude that the market can continue to the upside after this end-of-quarter rally.


Dollar: 1.4078 Euro versus 1.4171. The dollar scored a nice gain. It undercut the November low, and now it has reversed and recovered that level. We may get that familiar false breakdown. A stock X or currency in this case X will break lower only to reverse just as people think it has broken a significant support level and is heading lower. Often we have seen a stock or currency reverse after that and make a good move to the upside. We will see if it is a good move. The dollar is in a three-month downtrend. It is just now approaching that downtrend line, and the 20 day EMA acted as resistance on the last bounce. It is coming to an important area, and we will see how it is handled. The reversal may be worthwhile. The Fed was out again on Friday saying that we have to consider the removal of the liquidity and start focusing on inflation. With that, we have two of them speaking that way. There may be some credence to it given that there is more than one shooting from the hip. Thus the dollar was warranted a rise, particularly after other currencies have had a good run against it. Maybe this is nothing more than a bit of giveback. We will see.

Bonds: 3.44% versus 3.41% 10 year Treasury. Bonds lost a little ground. A good rally up off the lows, a higher low and a higher high. Now they are coming back to test the 50 day EMA, the gap, and the late-February peak. Also sitting right on top of the December-January consolidation. A great place to hold and bounce if it will do that, but why would bonds be moving up if the economy is improving and everything is fine in the world? Well, everything is not fine in the world, thus I believe that is one reason that bonds in the US are acting somewhat as a safe haven again. Money is working its way regardless of the gains in the stock market because there is a bit of a fear trade in bonds. That is helping push bonds higher and yields lower, although they there are still elevated yields from where they were just a few months back.

Gold: $1,426.30, -10.10. Gold had a tougher day. It did not make the surge it has in the past. There are various closes of gold, but the point is it has had a good rally. It bounced up against the early-March peak and it is having a struggle at this point. We did not like the action in one of our silver plays, so we took the gain off the table. It could be that these precious metals are double topping here. I do not think it would be any kind of major pullback X more of a modest pullback to test these prior peaks or just below them before moving back up.

It does not appear that gold is in a lot of trouble, although there are those out there saying it is ready to crash. Others are saying it is going to $5,000. I am not in either camp, although I do think it will go up.

Oil: $105.39, -0.03. Note how this pattern is very similar to gold, at least in the double-top aspects. It is holding steady on the session after mirroring what happened on Thursday when it tapped that prior high and showed a doji, unable to continue the move. We have calls out of JPM that oil is going to explode higher up to $130 average in Q2. That would not be good for the American consumer or businesses, of course, but it looks rather suspiciously double-toppish right here. It may pull back before it moves higher.






Volume. The internals were relatively lackluster on the day. The market moved higher, but volume fell 6% on the NASDAQ to 1.8B. That was below average. It fell 5% on the NYSE to 824M, and that was below average as well.

Breadth. Breadth was a modest 1.4:1 on the NASDAQ. It was a bit better at 1.7:1 on the NYSE thanks to the small caps outperforming the rest of the market. Not much excitement from the internals.


SP500. Six days out of seven to the upside on the SP500, and it rallied higher intraday. It never made it to the March peak and, of course, that means it did not make it to the February rally high. It showed an evening star doji. It gapped to the upside and showed a doji with that high candle. We will now see if it gaps to the downside. This is not necessarily death. If it hit the high, that could have been a real concern. It did not happen here, but it has had a good rally back to the upside. You always have to have a bit of concern when you see a good recovery rally that falls short of prior peaks and does not seem to have a lot of momentum. Yes, it moved up six out of seven days, no doubt, but the volume is pathetic. There is no trade. It has been below average for the last four days as the market moved higher.

You do not necessarily want to bet against this. The end of quarter is coming and the tape painting has been excellent. There would be more of that next week, which will see the last week of March and Q1 take place. It ends on Friday. Technically there is a lack of real push with strength at this point, but if money continues to flow, we will not get in front of it. I would anticipate another rise, maybe up to the early-March peak if it cannot make the February peak. There is still room to the upside, but I am not anticipating the market will break to a new rally high. If it does, I'll be pleasantly surprised.

NASDAQ. NASDAQ did not have a stellar day, but it had very similar action to the SP500. A gap higher, a rally, and then a giveback. It sold to give back most of the move. Still below the March peak and February peak, and right at the mid-January level. We have some problems here. There is a lack of momentum at an important area. It has been a good recovery. It has been a long-winded recovery, but technically we are concerned. We might get some more followthrough toward the end of the month and end of quarter. After that we have to watch. We have to be a bit careful; there may be some impetus to sell even if there is also a first-of-the-month or new-quarter push to the upside as some new money gets dumped into the market.

SP600. I do not want to say the small caps were more frightening than the others, but they have had more success and have rallied to key levels faster than the large-cap indices. On Friday SP600 moved through the March peak. It still left it below February, but it made an important break and it got thrown back in its face. Yes, it still gained almost 1%, but it lost a lot of ground as it came off of its high. We have a doji here, and it is at that March peak X it caught my eye. It is a bit disquieting, but then again, it is just a warning or an indicator. It is not anything carved in stone. It just says it got to that level and the sellers pushed it back.

There are reasons for that on SP600 as well as NASDAQ and SP500. A good run to the upside, a good recovery move, and then a weekend when there is a lot of geopolitical turmoil ongoing. After a good run to the upside with two days where the market will not be open, it is not surprising that investors were taking some money off of the table. That does not mean the move is over. It just means there was a bit of profit taking on Friday, and that was exhibited on the SP600 as well.
SOX. SOX was down on the session. It again tried to put some distance on its 50 day EMA and failed to do so. It is still ragged and still well below its March and February peak. It is actually struggling at some prior lows (the late-February low and a consolidation range from late-January). Semiconductors have a little issue here, a potential head and shoulders. It could be apexing right now. We will have to watch and see what happens.


Retail. Retail had a decent day. FOSL had a very solid upside day on strong volume. PCLN resumed its move this week with a great surge off the 50 day EMA, putting together three very strong upside days. BC has a very nice day, breaking higher out of its pennant pattern as it does from time to time. Tremendous volume on this move. Nice action.

WFMI continues to the upside. It gapped with that breakaway move. It took its time, moving laterally over a month, but now it is making nice, steady gains once again. Retail is looking good in some areas. Some are not as hot, but it is showing consumers coming in again, and that is interesting. We had the positive Q4 GDP with respect to consumer spending, but we have had sentiment indicators that are not as positive. That is often the case; people say they will not spend as much, but they end up doing it anyway.

Energy. Energy had a decent day, although it was mixed. RPC had a great day on volume, moving higher. A great week as it really kicked in the continuation of its breakout move. NBL had a great week and it has resumed the move on Friday, kicking nicely higher. FTO is doing very well. Nice breakout from that flag pattern. Good action there. Volume could have been better, but we will not quibble over that. On the other hand, there are stocks that ran well but could not keep it together on Friday. LUFK posted a gain, but it showed a doji after a very nice two-week run. A little pullback would be normal.

Transportation. Transports continue to perform decently. TK posted a nice break on volume Friday. It started on Thursday, and it continued with a nice, strong move on Friday. CSX did not a lot, but it was a positive two weeks as it posted a new rally high, continuing its solid move. It is getting to a point now where it tends to come back and test the 20 day EMA. In the past when has moved up with these rather accelerated gains, it comes back to test that level. We may see it head back for some testing after that doji it showed on the Friday candlestick chart.

Industrials. CAT tested and it resumed the move upside with some nice volume. DE had a good day as well, bouncing to the upside.

Financial. Financials were not helping out at all on Friday (or Thursday, for that matter). JPM barely moved. GS actually declined on Friday on rising volume. WFC made a move higher, but it stalled at the 50 day EMA. Not that exciting.

Technology. AAPL had a nice day, gapping to the upside. It keeps getting prices raised. ORCL announced earnings after the Thursday close. It gapped to the upside, but notice that it gave back a lot of it. Good news, but ORCL trades like this on its earnings; sometimes it gaps and holds, and sometimes it gaps and gives back. This is just one of those 50/50s, and it gave back on this session. There are others out there. CRM made a nice bounce, gapping higher on Thursday. Now it is testing. That may give the entry point we are looking for. We did see some technology start to come back from selling, and we may get some buys out of it moving to next week.

Overall leadership perked up as you would have expected after this kind of move. Some of it is extended. Some energy stocks are quite extended, and some in retail have made a good move thus far. Of course CSX in the rails is way up. DE and CAT had a little pullback, but they have had a good bounce to the upside. Not necessarily where you would want to buy. The problem is finding stocks in position to move. Some have pulled back. Maybe now money will flow more readily back into technology after it has been beaten up over the past several weeks.


VIX. The VIX has given back the move from the first part of March that ratcheted volatility up over 30 as the market sold back. As soon as the market rallied, it has dropped right back down, but not to the lows that started the move. Why? The indices have not made the highs they were at before the move. This is acting just as you would expect it to. In other words, volatility was not rising as the stock market rose. It only started to move up when the stock market turned volatile and choppy and started to sell off. Volatility, typically being the inverse of the stock market move, shot higher at the time. It would have been a problem if volatility was moving up as the stock market was moving up similarly. That was not the case. If it does happen, that is pretty reliable indication that you have a major correction coming. We did not have that X not yet. We had a substantial pullback as we had in August and November, but no major selloff. The market is rebounding and it still has work to do. We will see what happens. VIX was not flashing any very dangerous signs.

VIX: 17.91; -0.09
VXN: 20.78; +0.19
VXO: 17.66; -0.12

Put/Call Ratio (CBOE): 0.84; -0.05

Bulls versus Bears:

This is a reading of the number of bullish investment advisors versus bearish advisors. The reason you look at this is that it gives you an idea of how bullish investors are. If they are too bullish then everyone is in the market and it is heading for a top: if everyone wants to be in the market, then all the money is in and there is no more new cash to drive it higher. On the other side of the spectrum if there are a lot of bears then there is a lot of cash on the sideline, and as the market rallies it drags that cash in as the bears give in. That cash provides the market the fuel to move higher. If bears are low it is the same as a lot of bulls: everyone is in and the market does not have the cash to drive it higher.

Bulls: 50.6% versus 52.2%. Even as the market pushed higher investors were a bit more skeptical. Good to see. Bulls peaked in late December on this upside leg and have made lower highs since. Still high overall but not necessarily bearish. Hit 55.1% in January and 58.8% on the December high on this leg. Still at a high level in a string of high readings but below the 5 year high at 62.0. Fading back from the level considered bearish, i.e. where so many are in the market and believe it is going up that the ammunition to send it higher runs low. This is where you start to be careful and watch for breakdowns, but there is also a lot of liquidity being pushed into the market and that can continue the move despite excess bullishness. The crossover level at 29% bulls is long gone, but it did its job. The high on the last leg was 56.0% after starting at 35.6% on the low in February, the lowest it has been since July 2009 . . . until this last leg. 35% is the threshold level suggesting bullishness. Again, to be seriously bearish it needs to get up to the 60% to 65% level.

Bears: 22.4% versus 22.3%. Bears increased before bulls started to decrease but now the bulls are moving a bit faster. Up from 19.5% to start March. Moving back up toward 23.3% hit mid-February, still well below the 28.3% in September 2010. The 37.7% peak at the height of the crossover is well in the rearview mirror but bears remain well below the 35% level, above which is considered bullish for the market overall. Hit 18.7% on the low in April. Hit a high of 27.8% level on the prior leg in February. For reference, cracking above the 35% threshold considered bullish. Hit a high on the prior run at 47.2%. For more reference, bearishness hit a 5 year high at 54.4% the last week of October 2008. The move over 50 took bearish sentiment to its highest level since 1995. Extreme negative sentiment. Prior levels for comparison: Bearishness peaked at 37.4% in September 2007. It topped the June 2006 peak (36%) on that run. That June peak eclipsed the March 2006 high (33%) and well above the 2005 highs that spawned new rallies (30% in May 2005, 29.2% in October 2005). That was a huge turn, unlike any seen in recent history.


Stats: +6.64 points (+0.24%) to close at 2743.06
Volume: 1.806B (-6.21%)

Up Volume: 1.05B (-560M)
Down Volume: 742.81M (+401.67M)

A/D and Hi/Lo: Advancers led 1.37 to 1
Previous Session: Advancers led 1.8 to 1

New Highs: 141 (+29)
New Lows: 20 (-4)





Stats: +4.14 points (+0.32%) to close at 1313.8
NYSE Volume: 823.97M (-5.15%)

Up Volume: 528.83M (-143.95M)
Down Volume: 284.48M (+95.79M)

A/D and Hi/Lo: Advancers led 1.69 to 1
Previous Session: Advancers led 2.09 to 1

New Highs: 242 (+68)
New Lows: 23 (+7)




Stats: +50.03 points (+0.41%) to close at 12220.59
Volume DJ30: 130M shares Friday versus 131M shares Thursday.



As if the rest of the issues in the world were not enough, the data parade renews itself next week with a torrent of economic reports culminating Friday with the March jobs report. There may be more news over the weekend as problems arise in Syria now, and more stirring in Saudi Arabia. I do not want too be dramatic here, but the spread of this unrest is getting to be quite dramatic. Bear with me while I digress a bit.

I am sure a lot of people want to throw off the yoke of oppression they have endured for decades, and no one other than the yoke owners have issue with that. The problem is that some people are using the uprisings in North Africa and the Middle East to score politically here in the US. They are trying to piggyback on the uprisings, but the themes are not the same at all. We do not know all of the motives of those overseas, but we can assume there are many who just want freedom. That is natural. We wanted it and it is an innate desire in everyone. Of course they do not necessarily know how they would govern themselves, and it quite possibly would not be a democracy, but they just want freedom from what is imprisoning them now. They know they are not going to get anything if they continue to acquiesce, so we are seeing uprisings.

Over here it is not the same thing. We have relative freedom, although it is being stripped away piece by piece over the years. But we do have freedom. Some of these groups using the uprisings overseas as a comparison to their actions are simply trying to perpetuate some bad decisions made in the past. Both sides have legitimate arguments. If you have a contract and you set up your life in reliance upon that contract, it is very difficult later in life to have that reneged upon and have to renegotiate the terms. It may, however, be a situation where there is absolutely no alternative because the money is not there. There has to be a compromise made at some point because too much was promised, with good intentions, but it is more than we can deliver.

The question is how we are going to make up that promise. Do you put it all on the other members of society who are not a part of these pension contracts and other retirement deals that were made? Do they have to shoulder the shortfalls all themselves because the governments may have been too profligate or they just overpromised? Some of the contracts were just unreasonable and unrealistic; there was no way they could be fulfilled but it was done for votes, expediency, etc. Nonetheless, they were promises made and reliance has occurred. Or is it fair to put it all on the taxpayers and tax more from them to pay for others unrealistic contracts? Maybe it would be fair to work at it from both ends? Perhaps some of the benefits should be cut back and then maybe some more revenue brought in from elsewhere or redirected. These are issues we will have to deal with, but it is not the same as what people are experiencing overseas.

Educate yourselves on it, and you will see what the truths are. Do not be led to believe anything X not by what I say or what anyone else says. Just read, listen to everyone, and then make rational decisions. Wouldn't we all be better off if we did that? What novel thoughts.

Back to the market.

Whether we want to face it or not, those are the realities that the market has to deal with every day as an overlay to what it normally factors into the equation, e.g. be income and spending, profits and losses, manufacturing, orders, confidence, etc. And we have a week full of those factors. Personal income and spending is on Monday along with pending home sales. Case/Shiller on Tuesday along with consumer confidence, and then Challenger and ADP on Wednesday. Then we have initial claims, Chicago PMI and factory orders on Thursday. This all leads up to the granddaddy of them all: Nonfarm payrolls on Friday. That is expected to fall back a bit to 185K, which is still a pathetic number.

The Unemployment rate is expected to stay at 8.9% after dropping unexpectedly to that level the prior month. Will it bounce up or not? The way they count unemployment now, it is hard to tell. It is no longer if you are working or not. It is whether you are working or trying to or out of the market, et cetera. In any event, it is still bad, but it may be improving as the weekly jobless claims are showing.

We will get a lot of data next week, no doubt. What has happened this past week when we have gotten a lot of data? The market went up, even though a lot of the news was negative from overseas and with the US economic numbers. The market said, what the heck, we are going higher. That led everyone to believe it is painting the tape or anticipating some further Quantitative Easing in the form of QE III.

We have been playing the devil's advocate on all of the theories we have put out lately, whether it is tape painting (likely some of that) or the anticipation of Quantitative Easing III from all of the bad data and bad news in the world. We have come back and poked holes in all of that. It could be pretty much any game at this point. Why? The government is involved so deeply in businesses, monetary and fiscal policy, and in our lives and how we run our businesses. They are making sure GE pays no income taxes whatsoever from the stimulus money it received and all the other loopholes it can find. There are many things the government has to be involved in order to make everything work the way it wants to. It is a tough job indeed.

In the technical picture, we see a market that has rallied six out of seven days. We also see a rally that has a bunch of big-money players that may have missed out on some of the move and want to get in and drive the market higher. Not just to drive it higher, but to get in these stocks they want to have in their quarterly reports. They only have a few days to accomplish that, and as they pile in, they push the market to the upside.

Friday was not a particularly strong day, but for reasons discussed earlier, it was not that weak either. We do not want to put too much into the two doji on the candlestick chart the indices showed in the week. What we anticipate is a further move to the upside. That means some stocks that are already extended will get more extended. That will not make them good buys. There will be stocks out there still in good shape we can try to pick up. We have to realize we may only get three to five more days of upside before more profit taking hits at the end of the quarter or right at the beginning of next quarter. That would get us through Friday, April 1st X watch out for April Fool's Day. Early the following week we may see some pullback.

The question is how much? For now, all you can say is there is likely some more profit taking. We just have to play this buy ear because, technically, it has made a good move back up but has not been that powerful with the low volume. We do not want to chase too many positions here. I know some do not want to hear me say that, but we have picked up a lot of good positions over the past few weeks and started taking some gain off the table. We will use a further rally to primarily take more gain off the table versus initiating a bunch of new positions.

It is all about the risk/reward. We need good entry points where we have a close and logical stop point at hand. We need something that, upside, gives us enough return if we are right to warrant the risk. We do not want to go into 1:1 plays where we are risking a dollar to make a dollar. Those are not odds to continually win. We will have to look for very good risk/reward plays, and those are simply harder to find right now. They are out there. I see them right now when looking through the market, but they are just not as prevalent as they were two weeks ago. The market was sold off then and stocks were falling back towards support and that 50 day EMA that so many of them were hitting and holding.

We have to just throttle back on new positions, let continuing positions run, and take gain as we have to opportunity. If we get a few good plays to the upside that we can buy into, so be it. We can hopefully get some that run decently for us in a week or a week-and-a-half and that give us a nice return.

I do not want to get you discouraged in thinking we will have a slow week ahead in terms of bias. We may. Things may turn around and all of a sudden money may flood into the market. Then we could buy more and ride the wave higher and just keep our stops close at hand. We will play it by ear. We will find some plays and, if we need to, we will make those plays. The intention will be to make money. You do not want to trade either just to trade or in the hope you will make money. We want to know going in that the odds are in our favor and that we expect to make money on the plays. If we do not have that feeling about it, we might as well not be entering that particular trade.

Keep abreast of what is going on. We will let our positions run and look for opportunity. The market always gives us opportunity no matter what. While we may not be taking ten or twelve positions next week, we may be taking two, three, or four. They can make us nice money nonetheless. I will see you on Monday at the start of a week full of data.

Have a great weekend!

Support and Resistance

NASDAQ: Closed at 2743.06

2762 is the February low
2796 is the February gap down point
2802 is the early March peak
2825 is the 2007 closing peak.
2841 is the February 2011 peak
2862 is the 2007 peak

2729 is the 127% Fibonacci extension of the August 2010 run
The 50 day EMA at 2715
2705 is the February 2011 and consolidation low
2686 is the recent January 2011 closing low
2676 is the January 2010 low
2645-2650ish from December 2010 consolidation
2580 is the November 2010 closing high
2569 is the November gap up point through the April 2010 peak
2550 from May and June 2008 peaks
2540 is the gap up point from early November
2535.28 is the April 2010 intraday peak
2530 is the April 2010 closing peak
2518 is interim peak from April 2010
The 200 day SMA at 2479
The November 2010 low at 2460

S&P 500: Closed at 1313.80
1313 from the August 2008 interim peak
1325-27 is the March 2008 closing low and the May 2006 peak
1332 is the early March peak
1344 is the February 2011 peak
1364 is the March 2007 low
1370 is the August 2007 low

The 50 day EMA at 1295
1294 is the February 2011 and the consolidation low
1275 is the January 2010 low, early January 2011 peak
1255 is the late December 2010 consolidation range
1249 is the March 2011 low
1235 is the mid-December 2010 consolidation low
1227 is the November 2010 peak
1220 is the April 2010 peak
The 200 day SMA at 1190
1185 from late September 2008
1174 is the May 2010 high, 78% Fibonacci retracement of April peak
1173 is the November 2010 low
1170 is the prior March 2010 high
1156 is the Sept 2008 low
1151 is the January 2010 peak
1133 from a September 2008 intraday low
Bottom of the January 2010 consolidation 1131 to 1136
1129 to 1131 is the June and August 2010 peaks

Dow: Closed at 12,220.59
12,283 is the March 2011 peak
12,391 is the February 2011 peak
13,058 from the May 2008 peak on that bounce in the selling

12,110 from the March 2007 closing low
The 50 day EMA at 11,976
11,893 from March 2008 closing low
11,867 from the August 2009 high and peak on that bounce in the selling.
11,734 from 11-98 peak
11,555 is the March low
11,452 is the November 2010 peak
11,258 is the April 2010 peak
11,205 is the April closing high
The 200 day SMA at 11,119
11,100 from the 7-08 low
10,963 is the July 2008 low
10,920 is the recent May high
10,730 is the January 2010 peak

Economic Calendar

March 25 - Friday
GDP - Third Estimate, Q4 (08:30): 3.1% actual versus 2.9% expected, 2.8% prior
GDP Deflator - Third, Q4 (08:30): 0.4% actual versus 0.4% expected, 0.4% prior
Michigan Sentiment - Preliminary, March (09:55): 67.5 actual versus 68.0 expected, 68.2 prior

March 28 - Monday
Personal Income, February (08:30): 0.3% expected, 1.0% prior
Personal Spending, February (08:30): 0.5% expected, 0.2% prior
PCE Prices - Core, February (08:30): 0.2% expected, 0.1% prior
Pending Home Sales, January (10:00): 0.3% expected, -2.8% prior

March 29 - Tuesday
Case-Shiller 20-city, January (09:00): -3.3% expected, -2.38% prior
Consumer Confidence, March (10:00): 65.0 expected, 70.4 prior

March 30 - Wednesday
MBA Mortgage Index, 03/25 (07:00): +2.7% prior
Challenger Job Cuts, March (07:30): 20% prior
ADP Employment Change, March (08:15): 210K expected, 217K prior
Crude Inventories, 03/26 (10:30): 2.131M prior

March 31 - Thursday
Initial Claims, 03/26 (08:30): 383K expected, 382K prior
Continuing Claims, 03/19 (08:30): 3700K expected, 3721K prior
Chicago PMI, March (09:45): 69.5 expected, 71.2 prior
Factory Orders, February (10:00): 0.4% expected, 3.1% prior

April 01 - Friday
Nonfarm Payrolls, March (08:30): 185K expected, 192K prior
Nonfarm Private Payrolls, March (08:30): 203K expected, 222K prior
Unemployment Rate, March (08:30): 8.9% expected, 8.9% prior
Hourly Earnings, March (08:30): 0.2% expected, 0.0% prior
Average Workweek, March (08:30): 34.3 expected, 34.2 prior
ISM Index, March (10:00): 61.4 expected, 61.4 prior
Construction Spending, February (10:00): -0.7% expected, -0.7% prior
Auto Sales, April (15:00): 4.61M prior
Truck Sales, April (15:00): 5.61M prior

By: Jon Johnson, Editor
Copyright 2011 | All Rights Reserved

Jon Johnson is the Editor of The Daily at

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