Non Farm Payrolls are pretty shitty. Really no sugar-coating it. The Employment Situation was about 100K below estimates.
Looking at the break down, the employment situation is still relatively healthy with respect to the valuation of this market. (take a look at the link)
- I am pretty surprised by the 28k loss in retail, especially in this time of year.
- Temp employment is up from the previous two months, which is a good sign.
- Ave. weekly hours worked is flat from previous month. Could be due to the holidays, not sure. So I will rate it a neutral at best.
- Ave. weekly earnings is still growing month over month. This is good. (Albeit not at the pace we have seen from previous months, but growth none-the-less.)
This report is so-so. It certainly does not merit the SP500 breaking the 1220 resistance today. The report merits a pull back in the market.
A pull back to which I will be adding positions I day-traded around. I will re-enter IBM 140 Apr 2011 calls, look to re-enter AAPL 300 Apr 2011 calls, AXP and others.