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Market Breaks Out to Multi-Month Highs After Jobs Report

Scott Redler
Feb 3, 2012, 4:52 PM

The market broke out to multi-month highs Friday after an impressive jobs report sent futures spiking this morning. The S&P finished 1.5% higher, hardly selling off despite the big morning gap. The Nasdaq, in fact, climbed to 11-year highs. Bulls remain in control of this market, with the today's jobs report the latest evidence that the US economy seems to be climbing out of the doldrums.

 

The 8.3% unemployment reading today is the lowest in 3 years after more than 200,000 jobs were added to the US economy. US data is doing its part to start a new bull market, and now it needs cooperation from Europe, which will hope to see Greece reach an agreement with creditors that will open the door for another round of aid. The ultimate fate of the Euro currency remains in doubt as borrowing costs in the PIGS countries remain unsustainably high.

 

 

*DISCLOSURES: Scott Redler is long P, VXX, SPY, AIG, AAPL, DRYS, SLB, OIH, LNKD, VMW, JPM, WMT, LULU, DNDN calls. Short DIA.

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