Quick Take: Stock Selling Is in Check
NEW YORK ( TheStreet) -- After a weaker-than-expected nonfarm payrolls report Friday, markets are essentially flat.
Alan Valdes of DME Securities told TheStreet's Debra Borchardt that the nonfarm payrolls report was soft, with hours worked, earnings and the jobs numbers all coming in lower than expected.
However, could this be good for the stock market? Perhaps, since it means Federal Reserve Chairman Ben Bernanke will be less likely to taper quantitative easing in September.
The response in equities has been positive, despite the little economic traction. With the S&P 500 holding 1,700 today, it shows that the rally might have legs, Valdes noted.Overall, the volume has been light, but Valdes said the price action is encouraging even though the economic data are not, and he expects new money to flow in the market over the next couple of trading sessions. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV