JOBS DATA

Dear Traders,

Last Friday the Bureau of Labor Statistics (BLS) released the August Employment Report.

Nonfarm payroll employment continued to decline in August (-216,000), and the unemployment rate rose to 9.7 percent, the U.S. Bureau of Labor Statistics reported today. Although job losses continued in many of the major industry sectors in August, the declines have moderated in recent months.

The official unemployment rate is 9.7% and rising. However, if you start counting all the people that want a job but gave up, all the people with part-time jobs that want a full-time job, all the people who dropped off the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate is. That number is in the last row labeled U-6 of the BLS report.

It reflects how unemployment feels to the average guy on the street. U-6 is now 16.8%. Both U-6 and U-3 (the so called “official” unemployment number) are poised to rise further although most likely at a slower pace than earlier this year.

Given this “exciting” news, stocks rose into the close.

Trade well and follow the trend, not the so-called “experts.” Go to www.PitNoise.com for a trial.

Go to www.PitNoise.com for a trial.

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Notes from the Pit…for 9-08-09

ATTEMPTED DIRECTION: BUYER or SELLER
1) Rotation Buyer
2) Range Extension Buyer
3) Public went home as a… Buyer
4) Buying-Selling Tails Buyer
5) Open in Bull or Bear Range Buyer

ATTEMPTED DIRECTION: Higher =Yes Lower = Neutral=

Comments: The attempted direction was bullish.

ATTEMPTED PERFORMANCE:
1) Today’s NYSE Volume compared to prior day & 10-day average - expected.
Today (1.154 billion) Higher = Lower =XX Unchanged =
10-day Ave: (1.381 billion) Higher = Lower =XX Unchanged =

2) Value Area: Higher =XX OL/Higher= OL/Lower =
Lower = Inside= Outside =

3) VA Width: Wider =XX Narrower = Unchanged=

COMMENTS: The VA was higher & wider but with less volume again. Advancers led decliners by 7-1. Attempted performance was bullish.

POTENTIAL RESULTS: No reports are scheduled to be released Tuesday; however, a few Treasury auctions will be released during the day. The biggest of the lot is the 3-YR Note auction at 12pm Central. Given Friday’s double distribution up day, we should expect a higher auction Tuesday.

Support = 1016.00, 1008.50, 1001.30
Resistance = 1028.00, 1033.20, 1038.50
Institutional support = none
Institutional resistance = 1028.40

Please use the pivot calculator in the “shared folder” for all of today’s pivots

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Results from Virtual Trading Room
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Electronic (ES) mini-SP 500

1) OTF buy @ 1pm at 1013.00 = b/e (1 lot)

2) Algorithm positions (6)

3) “Reading the Tape” positions (2) …combined Secret’s, Algo, & “Reading the Tape” total…-0.75

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Today’s Value Areas:

Use These Value Areas
for Trading on TUE

ES 1015.00 / 1004.50

YM 9,430 / 9,352

NQ 1620.50 / 1597.50

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Today’s Trading Tip:
Decide what type of trader you are, and then focus only on that type of trading!
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