THE COME BACK

Apparently jobs number taking a back seat to a risk reward trade- 10 year at 2.824% and lots of high quality blue chip companies with higher dividend rates and some growth to boot- So what is in this fish's portfolio:

ABT 3.5%;

BMY 4.85%;

CLX 3.38%;

COP 3.9%;

HNZ 3.97%;

JNJ 3.6%;

K 3%;

KFT 3.8%;

LINE 8%;

MO 6.2%;

PEP 2.9%;

RAI 6.2%;

UPS 2.8%

VZ 6.4%;

Just thinking that the trade for the next 3/5 years is going to be own these type of stocks-and of course to day trade the indexes.

QUICK FLIP

Equity futures turned lower on the poor jobs numbers and rallied back after the open only to tank again and hit new lows- as I type SPX -14, NAZ -28 and the DJIA -121.

Strongest sectors- metals, bonds, gaming, drugs and homies while banks, oil service, small caps and trannies lag.

NYSE-1375 net losers;

NAZ- 1300 net losers;

SPX - 40/460;

NDX- 13/87;

TRIN - 1.71;

VIX- 23.36 and higher by 5.7% -hardly a panic;

Gold $1209 and higher by about $12;

Crude- $81.2 and down about 80 cents;

WINNERS- KFT MA FCX WCRX VOD FWLT QGEN PCLN MXIM NVDA ABT;

LOSERS- CMCSA USB RF BHI EMC NSC ADSK ATVI NIHD ERTS VMED NTAP SNDK;

RSI 2 readings as follows:

SPX 17

NDX 21

RUT 14

Pretty ugly day but I think the numbers say to buy for a flip into next week - Earnings numbers continue to be good - so as long as there are no jobs numbers equities probably go higher.

I picked up some MGM and am looking to add to the position.

MOVING UP AGAIN

Equity futures are way higher this morning with ES +13.5, NQ +21 and YM +110.

The SMA 200 looks to get tagged at the open as it sits at about 1115 - which is near where we should open.

And overseas in Europe the FTSE/CAC and DAX are each up about 2% so look for the equity markets to move up and continue the move to catch up with those 2% numbers.

Gold is down a bit at $1,180 and crude up a bit at/near $80.

The EURO is back to 1.30 while the dollar moves lower at 81.5.

And Dougie Kass shorting the SPY's here - I think a bit too early for that.

Some good links this morning:

David Stockman (you remember him) on how the GOP impacted the economy and the NYTIMES article;

Fernando on the truth about American unemployment;

Greenspan on MTP talking the tax cuts;

DB and 6 reasons to feel bullish about the economy;

BESPOKE and JULY asset class performance;

And Sarah back looking for help;