U.S. Unemployment Jumps To 6.1%

Good morning. Nonfarm payrolls fell 84,000 during August, bringing the unemployment up to 6.1% which is much higher than expected. In fact the June nonfarm number was revised to -100K from -51K. As one may expect, premarket futures have dropped significantly on the release of the data.

In other news, hedge fund Atticus has denied rumors it is liquidating, the Central Bank of China is in need of capital, and we have some chatter over some M&A activity (see UST & SNDK).

Premarket gainers: SNDK, UST, HOKU, ACET, PCR, ADCT, ZQK, DAR, PFWD, NDK, TTWO, NCOC, NGAS, SPNC, CTX, AUO, & CNA.

Premarket losers: NOK, MER, SWKS, ERIC, CAE, RTK, SUTR, TAXI, CLNE, RFMD, ASML, RIMM, QCOM, AMD, SCMR, HOV, FRO, AMD, FRE, JBL, & CVTX.

All in all, we don't have a tremendous amount to work with this morning other than short-term oversold conditions and that the latest jobs data hopefully will inspire those who want or need to sell to go ahead and pull the rip cord. My task today is to find at least something worth taking a shot at on the long side as everything gets thrown out. No doubt, I'll have plenty of stocks to choose from given the week we've seen.

Have a great Friday!