Monday, February 1, 2010
U.S. equity markets are showing small gains overnight as traders begin lightening up positions ahead of this Friday’s Non-Farm Payrolls Report. Economic reports may take a backseat
throughout this week as traders try to determine how the employment picture has changed during the month.
Many investors are banking on a slight increase in jobs because of government census hiring. The kicker will be whether businesses have seen enough improvement in the economy to
warrant new hiring.
Investors continue to remain skittish about holding stocks because of less demand from China, problems in Greece and the Euro Zone and the prospect of weaker earnings later in the
year.
Treasury futures are trading choppy overnight with a bias to the downside. Fear has been driving investors into the safety of the March Treasury Bonds and March Treasury Notes. The
bigger picture still indicates that March Bonds are trading inside a major retracement zone at 118’24 to 119’24. A close under 118’24 will indicate weakness that could trigger the start of a break
back to 116’06. …
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