Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Not too hot… not too cold. Just “meh” enough to keep Benjamin around. Jobs gained +175,000 but unemployment rate UP 0.1% to 7.6% taking the U.S. farther away from the 6.5% level – what more could a person ask for. 
Private sector +178K, govt -3K. Labor force participation rate up a tick to 63.4%. Quality of jobs? Meh.
- Temp services +28K
- Bars/Restaurants +38K
- Retail +28K
- Healthcare +11K (lots of that is the “home healthcare” or “assisted living” sort of thing)
The data doesn’t matter that much here in terms of the market. We came in quite oversold and the market “approves” of this number. More important is how quickly we shall be running into resistancee of the downward channel the S&P 500 has been in the past 3 weeks. To that end… see the 1640-1645 level:
If bulls can pop up and out of the other side of this channel in blue you have the potential for… the “V shaped bounce” yet again. If not, it will be a big change in character for 2013.
Full report here.
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Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund’s holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog
