Friday, May 2, 2014

Good News on Payrolls…ISM Manufacturing UP…Stocks Above their 200-dMA: Down!

"America’s job-creation machine kicked into higher gear in April as employers boosted payrolls by the most in two years and the jobless rate plunged to the lowest since the collapse of Lehman Brothers…The 288,000 gain in employment marked the biggest upside surprise since February 2012…'The economy is gathering momentum after the bad winter,' said Michael Gapen, senior U.S. economist at Barclays Plc…”  Story at…
Finally, we see a number higher than required to keep up with population growth.
"The ISM Manufacturing Index increased to 54.9 in April from 53.7 in March… It must be recognized that the index is not hard data of any kind, but simply a survey that provides broad indications of trends."
The percentage of NYSE stocks above their 200-day moving average continues to fall.  It’s now at 62.6%. Historically, a value in the low 60’s (especially values below 61) has been trouble for the markets.

I’ll post the Market Report, Internals, and our daily market rating later tonight or tomorrow.  It’s a busy day today.