Receive Alerts
Free

For One Week!
Stock PowerRatings
Use PowerRatings every day to find the stocks for tomorrow to focus on and the ones to avoid. Sign Up Now >>

ETF PowerRatings
Use PowerRatings to find the ETFS to focus on to build your portfolio for ETF gains.
Sign Up Now >>

Gary Kaltbaum Intraday Breaking Setups
Let Gary Kaltbaum send you timely emails to alert you when breakouts occur.
Sign Up Now >>

Kevin Haggerty's Professional Trading Service
Every day receive the best plan of attack for the next day's trading directly from professional trader Kevin Haggerty.
Sign Up Now >>
awards
TradingMarkets AS SEEN ON...
Yahoo! Finance (content partner)
Forbes.com (content partner)
AOL Money (content partner)
CNBC
Fox Business News
Bloomberg TV
Wall Street Journal
MarketWatch
Fortune
New York Times
Stocks and Commodities
Active Trader Magazine
Los Angeles Times
Futures Magazine
Barrons
Reuters
SFO Magazine
Investor's Edge
E*Trade Radio
Bloomberg Markets Magazine
Chicago Mercantile Exchange
Forbes.com
SFO
Registered Rep
FXstreet.com

Stocks Smack Down, Jobless Spikes, Recovery Stalls

By David Goodboy | TradingMarkets.com | July 02, 2009
Symbols: ELN, ILMN, MWw, RHI

The expected patriotic rally failed to materialize on this last trading day of the shortened fourth of July trading week. Stocks were smacked down hard on surprisingly negative jobless numbers. The unemployment rate soared to 26 year highs indicating that the recovery may have stalled. The DJIA plummeted -223.32 to 8280.74, the Nasdaq retreated -49.20 to 1796.52, the S&P 500 fell -26.91 to 896.42.


Monster Worldwide ( MWW | Quote | Chart | News | PowerRating) - The online job search firm led the S&P 500 lower falling 8.66% or $1.05 to $10.96/share on the negativity of the job report.


Elan Corp ( ELN | Quote | Chart | News | PowerRating) - Johnson & Johnson agreed to buy a stake in the Irish drug maker sending shares higher by 9.00% or 63 cents to $7.63.


Robert Half ( RHI | Quote | Chart | News | PowerRating) - The staffing service suffered from the jobless spike falling 7.51% or $1.77 to $21.81/share.


Illumnia ( ILMN | Quote | Chart | News | PowerRating) - Dropped 12.27% or $4.68 to $33.46/share after the DNA analyzer instrument maker said it would miss its forecast.


Gold dropped $10.30 to $931.00, Oil gave back $2.58 to $66.46 and the fear index VIX spiked 6.60% to 27.95 as traders scrambled to buy derivative insurance for the long weekend.


According to a recent report, eight out of ten securities traded are exchange-traded funds. Want to learn how to trade them? Click here to pre-order High Probability ETF Trading, the first quantified book of trading strategies to improve your ETF trading.











Market Snapshot
















Dow

-223.32 8280.74










NASDAQ

-49.20 1796.5






S&P 500

-26.91 944.74










Economic
News









Consumer Confidence (Jun): Consensus: 55.1, Prior: 54.9

S&P/Case-Shiller Home Price Index (Apr): Consensus: -18.75%, Prior: -18.70%


Chicago PMI (Jun): Consensus: 38.5, Prior: 34.9


ADP Employment Change (Jun): Consensus: -363K, Prior: -532K


Construction Spending (May): Consensus: 0.5%, Prior: 0.8%


ISM Index (Jun): Consensus: 44.0, Prior: 42.8


Pending Home Sales (May): Consensus: 1.1%, Prior: 6.7%


Crude Inventories (06/26): Consensus: NA, Prior: -3.87M


Auto Sales (Jun): Consensus: NA, Prior: 3.3M


Truck Sales (Jun): Consensus: NA, Prior: 4.1M


Nonfarm Payrolls (Jun): Consensus: -370K, Prior: -345K


Unemployment Rate (Jun): Consensus: 9.6%, Prior: 9.4%


Hourly Earnings (Jun): Consensus: 0.2%, Prior: 0.1%


Average Workweek (Jun): Consensus: 33.1, Prior: 33.1


Initial Claims (06/27): Consensus: NA, Prior: 627K


Factory Orders (May): Consensus: 0.2%, Prior: 0.7%



Original publication: July 02, 2009