The No Jobs Report

Good morning. U.S February payrolls lost -63,000 jobs the biggest drop since March 2003, while the unemployment rate fell 4.8%.

Along with that bad news, rumors are running rampant of emergency rate cuts and another Fed move to inject liquidity into the system even though Fed Fisher made comments earlier suggesting otherwise.

Premarket gainers: NSM, BBI, EJ, CIEN, MVIS, UWN, SWHC, MCGC, SFI, IDIX, VVUS, SMTX, ZQK, and VMED.

Premarket losers: PSPT, CPRT, SMSI, ABK, MRVL, BOOM, NG, CNTF, WIND, CROX, CSIQ, ZOLT, SEED, NUAN, GOLD, MICC, SIGM, COIN, DRYS, and RIMM.

Now we'll see what the Fed does, at what level (if any) we are able to find some support after the open, and then the strength of any attempt to rally we see today. I'll be back later whenever I have something useful to say based on what I'm seeing on my screens.