Cannon Trading Futures Blog: Daily Support and Resistance Levels

Still a few more numbers coming out this morning + early closing on the bonds and a long weekend ahead.

I am NOT looking for another range bound day like we saw the last few days.....

DJ DATA SNAP: Aug US Jobs Grow 128,000 In Line With Forecast(DJ)
===========================================================
August Employment Report           !Consensus predictions !
                     Aug     July  !Payrolls:        +130K!
 Payrolls           +128K   +121Kr !Actual:          +128K!
 Unemployment Rate   4.7%    4.8%  !Jobless Rate:     4.7%!
 Hourly Earnings   $16.79  $16.77r !Actual:           4.7%!
===========================================================
     By Campion Walsh
     Of DOW JONES NEWSWIRES

  WASHINGTON (Dow Jones)--U.S. jobs grew last month consistent with
Wall Street expectations, and jobs growth in the previous two
months was revised higher. Meanwhile, the unemployment rate fell
slightly last month.
  Non-farm payrolls increased 128,000 last month after growing a
revised 121,000 in July and 134,000 in June, the Labor Department
said Friday. Previous reports had shown a 113,000-job expansion in
July and a 124,000-job increase in June.
  The unemployment rate dipped a bit to 4.7% in August from 4.8% in
July.
  Average hourly earnings rose $0.02, or 0.1%, to $16.79. That was
up 3.9% from a year earlier.
  The jobs data were largely consistent with Wall Street
expectations. The median estimate of 23 economists polled by Dow
Jones Newswires had projected a 130,000 payroll increase and a
4.7% unemployment rate. Wage growth was somewhat less than
expected, as surveyed economists had projected a 0.3% monthly
increase in average hourly earnings.
  The Labor Department report - which was about in line with the
latest four-month moving average of 117,000 jobs gains a month -
suggests the U.S. jobs market remains relatively strong.
  Monetary policymakers at the Federal Reserve expect slowing
economic growth to ease price pressures that have recently pushed
core inflation beyond their comfort level. That expectation
underpinned the Fed's decision last month to pause its
credit-tightening cycle after two years of consecutive interest
rate increases.
  Still, many on the central bank's policymaking Federal Open Market
Committee thought the decision not to raise rates at their latest
meeting was a "close call" and that additional hikes "could well
be needed," according to minutes of the FOMC's Aug. 8 meeting.
  The federal funds rate, the Fed's key monetary policy target, is
currently 5.25%, compared with 1% when the latest series of rate
hikes began. Futures markets signal the central bank will again
leave rates unchanged at its next meeting, Sept. 20.
  The Labor Department said hiring last month in goods-producing
industries grew by 10,000. Within this group, manufacturing firms
lost 11,000 jobs, but  construction firms added 17,000 jobs.
  Service-sector employment grew 118,000. Retail payrolls dropped
14,000. Business and professional services companies' payrolls
rose 26,000. Education and health services added 60,000 jobs.
  The average work week dropped by 0.1 hours to 33.8 hours.
  -By Campion Walsh; Dow Jones Newswires;
 

DJ Table of U.S. Employment Data From Labor Department(DJ)
                                   JUN.    JUL.    AUG.
U.S. Unemployment Rate             4.6%    4.8%    4.7%

Data From Establishment Survey

  Non-farm Payrolls (000s)      135,251   135,372 135,500
  Monthly Change                    134       121     128
  Goods Producing                22,435    22,422  22,432
  Construction                    7,499     7,504   7,521
  Manufacturing                  14,259    14,236  14,225
  Service Producing             112,816   112,950 113,068
  Retail trade                   15,221    15,225  15,212
  Professional, Business         17,319    17,367  17,393
  Education, Health              17,704    17,734  17,794
  Leisure, Hospitality           13,023    13,062  13,072
  Government                     21,951    21,966  21,983

 Average Hourly Workweek
  Total private                     33.9      33.9    33.8
  Manufacturing                     41.3      41.4    41.3
  Mfg Overtime                       4.6       4.5     4.5
  Avg Weekly Earns Total Private  $565.79   $568.50 $567.50
  Avg Hourly Earns Total Private   $16.69    $16.77  $16.79

Data From Household Survey

Civilian Labor Force (000s)     151,321  151,534 151,698
 Change                            330      213     164
Employment(000s)                144,363  144,329 144,579
 Change                            387      -34     250
Unemployment (000s)               6,957    7,205   7,119
 Change                            -58      248     -86
Not in Labor Force (000s)        77,350   77,379  77,469
 Change                            -87       29      90
Persons Who Want Job              4,770    4,901   4,918
 Change                            115      131      17

 Source: U.S. Department of Labor
 On the web: www.bls.gov

Sincerely, Ilan Levy-Mayer, M.B.A Vice President Cannon Trading Co Inc. http://www.cannontrading.com http://www.E-Futures.com ilan@cannoncapital.com Yahoo IM ilanlevy1970 310-859-9572 800-454-9572 Fax 310-859-0547 9301 Wilshire Blvd. Suite #614 Beverly Hills, Ca 90210 The finest compliment I can receive is a referral from a trusted client. * Important Please Note: Trading commodity futures and options involves substantial risk of loss. The recommendations contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.