Market reversing off gap up The headlines indicat

Market reversing off gap up

The headlines indicate an improvement in the unemployment rate to 7.7%, yet a close look tells us 540,000 people left the labor force. This could be the market selling the news.

SPY is down over 70 cents off the open and piercing the 20 moving average on the 10 minute. I still have my eye on that LNG short. I may have been early yesterday on the 17.50. Currently the 20 MA is holding off the pull back from the gap up this morning.

We'll see if the selling stops and then we get a float up in the second half of the day across the board. That's what I'm thinking so far.