Market

The market has sent the percentage of stocks above their 50-day moving averages in the S&P 500 back below 50%. Currently, 45% of stocks are above their 50-days. The worst sector is Energy. Just 8% of Energy stocks are above their 50-days. Industrials is the second worst at 22%. Fund managers chasing the rally realized that fundamentals matter.

GIS

General Mills a China play.

DPS

Dr Pepper Snapple Group, steady climber.

Selling MOS $45.47

MTB

In Play, no news

DFS

Discover Financial Services upgrade brings optimism to option traders.

MOS

Buying MOS 45.20, Risking $ 0.50

FSLR

First Solar was downgraded at JP Morgan, my guess we don't believe the analysts any longer.

MOS

Potash producers higher following report of price increases.

SNX

Synnex Corp. advances on better than expected results, guidance.

Market Internals

$TRIN 1.56 - NYSE Advances 229 - NYSE Declines 2465 - VIX 28.19

QQQQ - The tech sector tumbled Thursday morning, caught in a broad market sell-off as investors reacted to grim news about rising unemployment in the United States.

Employment

June Nonfarm Payrolls Drop 467,000 Versus the Consensus of a 367,000 Drop Unemployment Rate at 9.5%, Versus the Consensus of 9.6%

SPY Pivot Table

Today's 10:00 am Reversal

Sideways for now

Stocks continue to hold on to strong, broad-based gains, but the major indices are gradually drifting lower.

C

The Financial Times reported that Citigroup - (C) has sharply increased interest rates on up to 15 million U.S. credit card accounts just months before curbs on such rises come into effect. This is how bailed-out banks say thank you to consumers.

Mixed Economic Data

The Institute for Supply Management, a trade group of purchasing executives, says its manufacturing index read 44.8 in June, up from 42.8 in May.
A fourth straight monthly rise in pending home sales in May.
The Commerce Department said on Wednesday that construction spending dropped 0. 9 percent in May, nearly double the 0.5-percent decline that economists had expected.
The ADP Employer Services reported companies in the United States cut more jobs than forecast in June, showing the labor market will be slow to improve.

PIR - In Play

Pier 1 Imports Inc. (PIR), approaching the end of the first month in its fiscal second quarter, is exceeding its internal projections.

XLV

Impressive, broad-based gains remain. Despite the strong gains in the broader market, health care stocks aren't showing much strength.

Markets

After a recent pullback, stocks have climbed to fresh session highs. Commodities are also showing strength.
$TRIN 0.84 - NYSE Advances 2408; Declines 448(+1960) - VIX 24.97