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STOCK RALLY FADES WITH CDS ISSUE

|Includes:AAPL, DBA, DJP, EEM, EFA, EPI, EWG, EWJ, EWP, EWZ, FXE, FXI, GDX, GLD, GMCR, GREK, IEF, ITB, IWM, IYR, JJC, JPM, KBE, MBB, MDY, MON, MOO, QQQ, RSX, SPDR S&P 500 Trust ETF (SPY), TXN, UGA, USO, UUP, XBI, XLB, XLE, XLF, XLK, XLU, XLY

The all-important Employment Report was positive beating estimates but was lower than previous reports (227K new jobs vs 210K expected & prior revised higher 284K: unemployment rate unchanged @ 8.3%). Under the radar screen were Business Inventories missed (.4% vs .6% expected & 1% prior), and the Trade Deficit worsened (-$52.6B vs $-50.4B). The latter was caused by petroleum which will heighten domestic energy policy debates. The trade report caused Goldman Sachs (NYSE:GS) to lower GDP estimates to 1.8% as if anyone cared.

"Soon or late, everyone sits down to a banquet of consequences."

Robert Louis Stevenson

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Stocks: SPY, MDY, IWM, QQQ, AAPL, TXN, XLK, GMCR, XLY, XLB, JPM, KBE, XLF, ITB, IYR, XBI, XLU, IEF, MBB, UUP, FXE, GLD, GDX, JJC, DJP, USO, UGA, XLE, DBA, MON, MOO, EFA, EEM, EWJ, EWG, GREK, EWP, EWZ, RSX, EPI, FXI