JOBS JOBS and JOBS:
We are getting some good rest today from markets being closed for good Friday - but the job news for month of March was terrible - only 126000 jobs created versus the estimate of 248000 (BTW - that, as you can see, is a HUGE HUGE MISS) and Feb jobs report was revised down to 254000 from 295000. Stock futures dropped on the news - we will see what happens on Monday to the markets. Gold was up on the news - anticipating an accommodating monetary policy. It looks like the weather did impact this number, and the slowdown in the oil patch hiring affected this number. It also looks like the country has stopped hiring waiters and bartenders - there are only so many restaurants you can open!!
There is still a huge shortage of workers in the tech field and there are numerous jobs in the tech industry as is evident by the poaching going on in the tech industry and the abundance of openings (due to shortage of talent & experienced workers).
We still think the Fed will still stay on path for a rate increase in Sept - we think this is going to happen. This jobs report was very likely a one month blip and we will have to see 3 continuous months of this type of job creation numbers to see a trend and comment on the Fed response. We still think rates have been too low for too long and the Fed is very concerned about the bubbles in the economy. Have a happy Easter weekend.
We went long MO on Thursday - check the chart at - chart for MO
UPDATED:
Other stocks of interest for next week: EXPE, SO, M, PHM, and TWTR and you can check other stocks on our Reports page at www.trucharts.com/marketreports.aspx
Trucharts Founder/CEO
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