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Whipsaw Action Following Nonfarm Payrolls Release

Morning Notes

-Strength across the board for major global indices
-Shanghai Comp and Hang Seng remain closed for the Lunar New Year
-Nikkei closed up 1.1%, steel names largely leading the way as a result of Nippon Steel/Sumitomo Metal Industries merger
-Australia raised its GDP forecast by 50bps (+4.25%) while interest rates were left unch’d
-Reports in Australia that cyclone impact not as great as feared
-European markets trading higher, no real catalyst there
-UK Halifax Housing Price showed increase in prices, which was somewhat unexpected
-Dollar pulled in to lows ahead of nonfarm payrolls number
-Nonfarm Payrolls: 36K vs. 148K; prior revised up to 121K from 103K
-Nonfarm Private Payrolls: 50K vs. 163K; prior revised up to 139K from 113K
-Unemployment Rate: 9.0%; prior was 9.4%
-S&P futures rallied into the payrolls data release, but sharply pulled in after release; continued to trade in whipsaw fashion



Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.