The market did not like the latest jobs report at all! But, it already telegraphed the reaction yesterday, as we saw the market slip. Yesterday, in the Trading Room, I said:
May 3, 2012 11:36 AM
I don’t like how things are moving…
We added to our downside positions and took some nice profits today, including two doubles, one on NFLX and the other on CMI. Here are the closed trades for the week:
LNKD went against the tide, as its stellar quarterly report shielded its shares from the selloff. LNKD shares popped more than +7%. CF also reported strong results, but, its shares traded 6.87% lower.
Tech shares were among the hardest hit, with Nasdaq losing 2.25%. AAPL fell $16.57 to close at $565.25. We could see $560 tested on AAPL again, soon. Commodity sectors were weak as well:
OIH (oil services) lost 3.62%, as USO (oil) fell almost 4%. XME (metals and mining) dropped 2.32%. XLE (energy) slid 2.29%.
SPX closed just below 1370. This selling may not be done, although we could see some bounces on Monday next week. We’ll visit the charts more closely on Sunday in my weekly Market Forecast.
Have a great weekend, everyone!
Good night and HappyTrading! ™