Jobs Spin

Good morning. The BLS releases the long-awaited jobs report and the headline number of +51,000 is well below the +120,000 expectation. Of course, the current spin is that the lower number isn't of huge significance since there was an upward revision to the prior month that balances out today's disappointment.

Beyond the jobs data, there are a few stock-specific headlines out there and traders seem to be paying a lot of attention to the Micron (MU) disappointment. Stocks trading lower include MOBE, DCGN, WEBM, AMKR, AVCI, ACOR, AEOS, GTRC, NVLS, NTAP, and BRCM. Stocks trading up are SPPI, TRAK, TASR, CHTT, OVEN, APTM, CPTS, PSPT, and NVEC.

If everyone expects a pullback, will it come? And, more importantly, what do you think the herd is going to do with the pullback - buy more stock or take their profits and run? The money flow data indicates that investors aren't embracing the rally. While people talk a good game, the bottom line money inflow data doesn't show a lot of rampant bulls within our ranks. At least not yet.