Impressive Jobs Number Sends Market Breaking Out

US stock futures point to a sharply higher open Friday, following an impressive jobs report this morning. The US economy gained 243,000 jobs last month, and the unemployment rate dipped to 8.3% from 8.5%. Most sectors in the economy added workers, another new and positive development in the monthly jobs report.

Markets have been in this new accelerated uptrend for almost 30 sessions. The floor got tested a few times this week and held, so the bulls set the table for today’s pre-market breakout. I will sell some longs into the excitement this morning because that’s what I do.

The S&P 500 ETF (SPY) needs to hold above $133.45 (1330-1333 on the S&P) to keep this gap and go in place. The door is now open for the bulls to knock on the 1345-1356. Last year’s high is 1370.

Market Participants have a lot to be thankful for since the October 4th reversal low. The market hasn’t violated many technical rules besides light volume, which has been the norm for three years. Markets started acting even better after December 20th gap and Go.

Take trades, manage your size and know your time frame.

Disclosures: Scott Redler is long SPY, OIH, WMT, LULU, VMW, AAPL, AIG, JPM, SLB, DNDN calls, and VXX. Short DIA.

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About Scott Redler 367 Articles

Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader.

Mr. Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Mr. Redler moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, continued to trade actively while working closely with all traders in the firm to dramatically increase performance.

Mr. Redler has participated in more than 30 triathlons and one IronMan, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business, Bloomberg, and he is a regular contributor to Minyanville and Forbes’ Intelligent Investing blog. He has been quoted in the Wall Street Journal and Investor's Business Daily, among other publications.

Scott received a B.B.A. in Marketing/Finance from the State University of New York at Albany, graduating Magna Cum Laude from Albany's School of Business.

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