Market Update

The market is trading above yesterday lows and above 1750 which is my refencence level.

The Nonfarm Private Payrolls came at 212K vs. 110K consensus. Whisper numbers were under 100K.

Gold has fallen below $1300 on this report.

Interest rates are shooting up.

The VXX had a 4 to 1 split and now its trading at 49 – Levels about 53 are bearish.

SP500

Nasdaq

Stocks Higher on Job Data and Income! U.S. equities moved higher at the open following the release of the better than expected jobs data. The surprisingly firm 204k U.S. October payroll gain defied the market’s shutdown scuttlebutt that oddly persisted despite firmness in most available labor market indicators, following big prior payroll boosts led by private jobs. U.S. personal income rose 0.5% in September with spending up 0.2%. Headline data are also better than expected. The 0.4% increase in August income was revised up to 0.5%, while the 0.3% August spending gain was not revised. Compensation rose 0.4% with wage and salary income up 0.4%. Disposable income rose 0.5% after August’s 0.5% increase. The savings rate climbed to 4.9% versus 4.7% previously (revised from 4.6%). The Michigan sentiment drops to 72.0 in November from 73.2 in October left a big four month decline from the 85.1 July cycle-high. Government shutdown woes likely transitioned to healthcare fears in the face of mass-cancellations of personal insurance policies and big insurance price hikes that will likely drain discretionary income into year-end. Analysts do assume a resumed-pattern of upward revisions in the final Michigan sentiment report for November, as analysts’ve seen an average upward headline revision of 1.9 points thus far in 2013.