Stocks Lower Ahead of Key Jobs Report

The markets are floating lower today on the back of continued worries over the economy. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $131.32, -.55 (-.42%).  The ADP Private Sector Employment numbers shocked the markets yesterday and are continuing to weigh today. Investors are hesitant to go long ahead of tomorrows Non Farm Payrolls number and Unemployment Report.

The employment numbers gave Wall Street a major reality check. If employment numbers are that week and QE2 is still going on, what will happen when QE2 finishes later this month? In addition, almost all economic reports have been ugly of late, including housing numbers which show another leg down in motion.

Banks are leading the downside after it was reported that Goldman Sachs Group, Inc. (NYSE:GS) got a subpoena from a New York prosecutor. This sent all bank stocks lower early. Since that point, they have recovered off their lows but with the Dollar starting to spike, commodity stocks are now getting hammered. Chevron Corporation (NYSE:CVX) is trading at $100.48, -2.01 (-1.96%) while Exxon Mobil Corporation (NYSE:XOM) is at $80.79, -1.24 (-1.51%).

The markets will now await tomorrows Non Farm Payrolls Report. Until then, it is unlikely many investors will buy the markets due to uncertainty and fear. Should the Jobs Report come in better than expected tomorrow morning at 8:30am ET, the markets may get a relief rally into the weekend. Should the report come in showing a net loss of jobs, there is significant downside possible over the next week. Tomorrow is a pivotal day.

About Gareth Soloway 168 Articles

Affiliation: InTheMoneyStocks.com

Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form InTheMoneyStocks.com. Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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