There are a lot of wild estimates making the rounds for employment data Friday. Consensus estimates for new jobs added range from 150-200K, but some whisper numbers are as high as 500K and that would shock many sectors.

Meanwhile stocks were hurt early by poorly received December same store sales (despite bullish headlines to the contrary) and rebound higher in Jobless Claims. Nevertheless, the dollar continued to rise as commodity markets were still selling-off. The buzz remains inflation is heating up particularly in food and energy so investors fear tightening even as the Fed is engaged in QE. Now that's interesting!! Bond prices remained rather stable.

The Fed tossed in more POMO activity Thursday. As that was announced stocks immediately rallied if only briefly. What a coincidence!

In advance of the all-important employment report volume remained light and breadth negative.

Continue to U.S. Sectors, Stocks & Bonds

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