Investors Turn To Inverse ETFs As All Eyes Are On Fridays Jobs Reports
February 4th, 2010
All eyes now turn to Friday’s Non Farm Payrolls report after today’s news created a virtual stalemate between the bulls and the bears.
On the upside, Cisco beat their earnings estimate and sounded a bullish note about conditions going forward and the ADP employment report checked in with fewer jobs lost in January than expected.
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On the downside, the ISM Service Sector Index rose but not as much as expected, while the outplacement specialists, Challenger Gray and Christmas, reported that layoff announcements climbed over 50% in January, the first montly increase since July.
Some economists expect a net increase in jobs in Friday’s report which would be a novel event after the drought of the last two years. If that report is better or worse than “expected,” we could expect the markets to respond accordingly.
On a technical basis, the general indexes remained below their 50 Day Moving Averages on light volume today while the percent of stocks above their 50 Day Moving Averages fell to 43%.
Our signals remain in the “red flag” mode and we hold two inverse ETF positions in the Standard Portfolio and one inverse ETF in the 2X Portfolio.
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