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Job creation slowing: Will the market stumble?

After the open… The Nonfarm Payrolls report released this morning wasn't bad, exactly – the economy added 214K jobs, pushing unemployment down to 5.8% — but nor was it the 235K to 250K that the Street was expecting, and when taken together with an even weaker hourly earnings report than expected, it definitely wasn't what the Street was hoping for. Interestingly, since no one thinks any dramatic Fed actions are imminent, the Street's familiar “good news is bad news” reaction doesn't seem to be in place. Instead, traders are reacting calmly. The S&P 500 is now down less than one tenth of a percent. Also, gold and oil prices finally seem to have at stopped falling, at least for now, though it is too early to know how the market will respond.

Here are your Friday morning market metrics. Industries doing well today include Energy Equipment, Metals & Mining and Independent Power. Industries showing weakness include Life Sciences Tools, Media and Food Products.

The VIX is up 2.5% to 13.95 after closing on Thursday at 13.95. The most active option strike is for Cisco Systems (CSCO) with 11,620 November 24 puts changing hands. The put-call volume ratio is 1.19, (317,692/378,845). NYSE Adv/Dec 1,263/1,625. Nasdaq Adv/Dec 770/1,571. 

Julian Close has been a business writer since the first day of the twenty-first century, having written for PRA International and the United Nations Department of Peacekeeping. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. He became a stockbroker in 1993, but now works for Fresh Brewed Media and uses his powers only for good. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.

Julian Close

Julian Close became a stockbroker in 1995. In his 20 years of market experience, he has seen all market conditions and written about every aspect of investing. Julian has also written extensively on corporate best practices and even written reports for the United Nations. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.