Saturday, March 10, 2007

Much Ado About Nothing

Friday's lackluster employment report contributed to a day of see-sawing on the major exchanges and fairly flat results. The report came in just below expectations of 100,000 new jobs and the market was unimpressed overall.

Dow 12,276.32 +15.62; NASDAQ 2,387.55 -0.18; S&P 500 1,402.85 +0.96; NYSE Composite 9,094.88 +16.34

Traders chose to wait until Monday to seek direction and clues, though March is more a month in which more people watch college basketball than the Big Board and little economic news is on the horizon. The markets will have to fend for themselves for most of the week, as PPI and CPI figures won't be out until Thursday and Friday, which is also a triple-witching day.

Oil took a welcome dip of -1.59 to close out the week at 60.05/bbl., but not even that welcome news was enough to spark the indices, a troubling sign for equities.

Gold and silver were also marginally lower. Monday and Tuesday could become volatile should any direction be ascertained. Stay tuned and close to the trade button.

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