Weak Jobs push Markets south, destroy extended rally

Posted by Mark Pszeniczny on Jun 4, 2010 9:24:00 PM

The sideways action continues as a healthy correction has once again seen buyers run for the hills. On the heels of healthy construction spending and new home sales, and some bullish inventory numbers, the Jobs data that was released today wiped away any chance of an extended rally. Most were expecting healthy increases in jobs but once the census workers were removed from the data, jobs actually were flat, setting off a firestorm of selling in all markets. The Dow was down over 300pts and the Euro continues to get hammered against the greenback. Short term, the prompt HEAT contract in the $1.85 to $1.95 range looks still to be defining the 5 to 7 o’clock hour on the clock. Anywhere in this range appears to bring out the buyers. Longer out is going to heavily depend on demand and when OPEC feels the need to jump in. At the Close, HEAT fell .0814 to $1.9577, RBOB lost .0859 to $1.9953 and Crude lost $3.10 to $71.51. The prevention of the magical third up day has most assuming the sideways action or range bound trading will continue.

Topics: The Market, OPEC, HEAT, Weak Jobs Report

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