Planet Wealth

Friday's move back above 1120 on the S&P following the better than expected jobs report was indeed impressive.  The next level to watch is the previous Jan high at 1150.  If the S&P is able to avoid the dreaded double top and break above 1150, 1220 looks to be a strong probability.  Let's not get too excited about the Friday jobs report however and realize that regardless of the numbers the government is putting out, the U6 unemployment rate (often called the "real" unemployment rate) actually rose to 16.8%.  Therefore, there is a slight nod to the upside potential here, but with a cautious eye on that Jan high.