We had an increase of only 18,000 jobs in December 2007 marking the smallest increase in four years. The unemployment rate rose to 5.0%. In November we had an increase of 115,000 which was revised upward from 94,000 jobs. The unemployment rate in November was at 4.7%.
This increases a chance of 0.50% Fed funds rate cut in the next FOMC meeting. I believe the 0.25% cut was already factored in the market. More rate cuts, the more bad for the Dollar.
The QQQQ broke a significant trendline today following this report and is currently testing Nov lows. The 200 EMA is just a bit below the Nov lows and I believe we will bounce from that level.
The market has always bounced from this level in Feb 2007 and Aug 2007.
Sunday Night Futures
5 hours ago
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