Watch Over-Hyped Jobs Report
Watch Over-Hyped Jobs Report  Yesterday the market was derailed early by interest rates. The 3:30 PM rally saved the S&P 500 and Dow from a route, but the NASDAQ still sank 2.5%.
At 880 million shares, the volume wasn’t extreme, and the reaction wasn’t unusual for another one of Greenspan’s hints of changing direction. I wish he, all his regional governors, and Bob Rubin would decide what is going on, because this market won’t put up with much more waffling or deception.
Regardless of this morning’s over-hyped jobs report, be ready to capitalize on the inevitable overreaction. Your five-minute charts will be your best friend today. Remember: Watch for opportunities out of long, tight consolidations to first new highs or lows. Let everyone else analyze; you just react to their emotions.
Target Stocks Of The Day  The Dow stocks obviously have the momentum right now. Some that gave good entry yesterday and set up again today if you get continuation entry include Caterpillar [CAT>CAT], American Express [AXP>AXP], Allied Signal [ALD>ALD], and DuPont [DD>DD].
Other continuation patterns that look good are Clear Channel [CCU>CCU], Pitney Bowes [PBI>PBI], MGIC Investment [MTG>MTG], Rohm & Haas [ROH>ROH], and Delta Airlines [DAL>DAL].
Program trading numbers  Buy: 8.12. Sell: 3.32. Fair Value: 5.76.
Editor’s note: If you want to learn more about Kevin Haggerty’s trading strategies, click on the link below to go to his new series of tutorial articles.