Morning Report – January 10th, 2014

Yesterday had the feel of a distribution day with the NASDAQ gapping open into new high territory only to close at 33.69% of its daily range, down .2%. It would’ve felt more bearish if the selling had come at the end of the day, but the selling occurred early in the day, and by the end of the day the S&P E-mini futures managed to claw their way back to mitigate the losses. That bounce back continued throughout the overnight session, and stock futures are trading near their highs as I write this. The strong futures indicate that traders are anticipating a good jobs report which will be released at 7:30 AM Central time. We should anticipate the usual gyrations when the number comes out. Read full report