Suddenly, the Jobs Data Matter Again

The most notable thing about the market action today is how completely the mood shifted from yesterday. Yesterday the poor ADP jobs news was widely shrugged off as irrelevant, and we had quite a few pockets of hot momentum.

Today, the better-than-expected unemployment claims numbers are being ignored, and the momentum has mostly dried up. A few things are moving, such as Multimedia Games (MGAM), Rackspace Hosting (RAX) and Liquidity Services (LQDT), but that is being more than offset with strong reversals and some notable weakness in oil, chips and precious metals. Breadth is more than 2-to-1 negative, and the biggest positive seems to be that retail is holding up, although same-store sales numbers were quite weak....129 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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