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Unemployment Rises But So Does Market

Yes, we now have 7.2% unemployment, returning us to levels last seen near the end of Bill Clinton's first term. There were 524,000 new people added to the unemployment roles.

But, the good news is that many traders were looking for up to 700,000 or even 800,000 newly unemployed, so this is causing a bit of a rally in the pre-market.

The fear of the huge number was rooted most likely in the Walmart earnings miss. The fact that the actual number is less is cause to rally and should keep our timing indicator in "buy" territory.

We've only been able to pick up one equity in our low-bid GTC trades – QCOM. If the good news continues we may have to nudge up our bids a bit – I just missed CELG by a quarter yesterday, which is irritating as it moved up 5% from the low.