LATE MORNING THOUGHTS

Markets have sold off pretty hard after the opening strength on the heels of the goldilocks jobs numbers. Not sure why the selloff unless its just another bear phase in the markets that began late last week. I don't know what number would have made the bulls happy but I guess the answer is there wasn't one.

Interesting how the IWM is still slightly green with the DJIA -42, NAZ-13 and SPX-4.

Market internals red by 500 with all 500 being on the NYSE. Yes, probably slanted by the fixed income stuff again as that group sells off big time with the rate on the 10 year going from 4.6% to 4.7%.

The big sector winner today is the oil patch as the OIH is up $3 or 2.3%. The only other major green sectors are metals and financials (barely).

The worst groups are software, brokers, retail, biotech, internets and tech.

The TICKS again find most of the activity below the zero line with a few readings below -800.

Many folks are now questioning the jobs numbers and wondering how meaningful the data is when there are so many big revisions. Don't know how anyone can question government data which comes out a few days after the end of the month for which the data is gathered. It's not like the government is the most efficient entity.