The markets sold slightly after the Non Farm Payrolls Report showed a 192,000 gain. The Unemployment Rate dropped to 8.9%. While this was a solid number, after the massive rally yesterday, the markets saw some profit taking. In addition, oil moved higher once again. The United States Oil Fund LP (NYSE:USO) is currently trading at $41.86, +0.68 (+1.65%). The markets are hovering to the negative side, around the lows of the day. The SPDR S&P 500 ETF (NYSE:SPY) are trading at $132.55, -0.92 (-0.69%). Most of this down move can be attributed to the spike in oil. In addition, profit taking into the weekend is possible. Many traders do not want to risk holding positions into the two day hiatus of the markets.
On the oil pull back yesterday, solar stocks were weak. Today, they are one of the strongest sectors on oils strength. First Solar, Inc. (NASDAQ:FSLR) is trading at $146.91, +1.00 (+0.68%). The financial sector is weak, technology mostly lower and agriculture mixed. The markets will most likely track the opposite direction of oil the rest of the day.
Gareth Soloway
InTheMoneyStocks.com
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