MLR - Premarket Pulse March 8, 2013
Futures are flopping around after the Bureau of Labor Statistics announced an upside surprise of +236,000 non-farm jobs while the unemployment rate fell to 7.7%, but so far the market reaction appears positive. Given that continued Fed QE is dependent upon weak employment, the market now has the opportunity to focus more on economic growth. Gold and silver are moving lower this morning in confirmation of the perception that Fed QE is pushed a little more into the background based on the strong jobs number. With the market in a confirmed uptrend and the Market Direction Model on a buy signal, evidence to the contrary remains non-existent.
Outside of today's jobs number, there is little new going on, and the number of actionable ideas in individual stocks remains scant. Pending further evidence, investors remain in a holding pattern.
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