Mid-day Update

BOTTOM LINE: A technical glitch has resulted in another day without a mid-day report. Briefly, I have taken the portfolio to a net 100% long position by covering a few shorts and adding several longs. I will look for follow-through on Mon. to maintain this level of market exposure. The economy created 112,000 jobs in January, the most in 3 years, but below expectations. The headline unemployment rate dropped to 5.6%. This resulted in a decline in interest rates, a decline in the US dollar, a rise in gold and a rotation back into cyclicals. The positive response by the US equity markets to these numbers shows the underlying strength is still there.