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.
 
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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