S&P 500 1,141.81 +.85%
NASDAQ 2,057.17 +2.09%
Leading Sectors
Semis +3.74%
Airlines +3.59%
Broadband +3.46%
Lagging Sectors
Tobacco -.57%
Banks -1.20%
Homebuilders -3.95%
Other
Crude Oil 34.39 +.35%
Natural Gas 5.81 +.82%
Gold 422.50 -1.47%
Base Metals 114.77 -.26%
U.S. Dollar 88.51 +1.49%
10-Yr. Long-Bond Yield 4.14% +6.83%
VIX 15.64 -6.07%
Put/Call .66 +15.79%
NYSE Arms .50 -43.18%
After-hours Movers
SEBL +4.72% after raising 1Q estimates and saying revenue will come in at high end of forecasts.
Recommendations
Goldman Sachs reiterated Outperform on MO, WAG, RCL, HD, WMT, PFE, reiterated Underperform on BMY and TER.
After-hours News
U.S. stocks finished sharply higher Friday on a much stronger-than-expected jobs report. The economy added 308,000 jobs in March, 157% above economist's expectations and the most since the stock market bubble burst in early 2000. After the close, Goldman Sachs chief U.S. economist Dudley told CNBC that the Fed will likely wait for a tighter labor market before raising interest rates. The CEO of Korn/Ferry, an international executive search firm, said on CNBC he sees employment improving for the foreseeable future and that the employers he talks to say "all their people are working to the gills."
BOTTOM LINE: The Portfolio had a very good day today as my technology longs rose substantially. I did not trade in the afternoon, leaving the Portfolio with 100% net long market exposure. This was a very good day for the bulls. I expected a sell-off on a much better-than-expected jobs report that sent bonds tumbling. This did not happen and the NASDAQ finished at its highs for the day on strong volume and good breadth, breaking up through its recent downtrend line. While I expect the market to test its highs for the year in the next 6 weeks, the major indices are getting extended short-term.
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