Morning Post

So we all knew GS would knock the cover off of the ball. The earnings calendar is packed today. AXP reports after the bell. The (un)employment number was worse than expected and rocked the minis about 6 points.

So let's put the pieces together. Jobs suck, banks are not lending, consumer is not spending, business spending is down, but the markets is soaring. Simple, it is called an earnings trough. Market falls to rock bottom. Estimates are set at historically low levels. Companies beat the low bar estimates. The market rewards them. We're comping to '08 numbers still. This trend will end though. The economy will catch up to the earnings next quarter. Missing on revenues for how ever many consecutive quarters will catch up to these companies as well. The coffers are shrinking (definitely not growing).

SPX 30m - Will it move back to 1150 and become range bound or does it have other ideas.After nailing my pullback target, is this a corrective up before further weakness? A 38% retracement has been completed. Based on the lower low, the futures and the daily indicators I have to vote for further weakness. 1118 to 1115 would be a good spot to look for.

Dollar - going nuts with room to run up.
Oil - Pulling back, but still in bullish uptrend channel. Should have further weakness.
Gold - Should be headed south with support at the 1084 level.
Natgas - Pulling back with support at 5.36. Tentatively traveling up a support line. Be careful if it cracks.

10 yr - trending up but at resistance. Not sure how mcu more gas it has in the tank.
EUR/JPY - At a support area. I think this area will possibly break as there is the possibility of a developed channel now headed south.
EUR/USD - Tanking in responce to the dollar's strength. 1.38 to 1.34 is the 50 to 62% retracement area.

GL out there. It is a crap shoot. Juiced earnings but bad jobs numbers. Go figure.