Futures were up big even before the jobs number, which was even surprising for those still bullish on the market. Many were expecting action from the Fed and/or ECB this week as economic data was floundering, but both Central Banks kept rates unchanged and abstained from QE operations.
The 8:30 jobs data certainly added fuel to the fire, and S&P futures are now up 15 handles before the open. Non-farm payrolls significantly exceeded expectations, gaining 163,000 vs the 100,000 expected, despite the unemployment rate rising to 8.3%. The non-farm payrolls number is the much more significant number.
Big resistance stands at 1388-1392 in the S&P. I’m not saying chasing the market up here but for those who were rolling up shorts and added yesterday, closing above this level could open a door to $1400+ in the week ahead.
By Marc Sperling
Disclosure: Marc Sperling is long LNKD, ANTH, TSPT, LVS calls, WDC, FB calls, GTAT, LULU calls, LVS calls, LVS, DSS, TLT, FAS, CTRX, AGU, AMZN. Scott Redler is long AAPL, SBUX, Short SPY