We're having a standard sell-the-news reaction to this morning's jobs report, but in view of how Thursday's ADP (ADP) report raised expectations, I can't say it's a surprise. We seem to have some bids under the market, and breadth isn't bad at about 2100 gainers to 2900 to decliners.
The best sector of the day is biotechnology, with strength in Jazz Pharmaceuticals (JAZZ), Regeneron Pharmaceuticals (REGN), ViroPharma (VPHM) and Alexion Pharmaceuticals (ALXN). Retailers are marginally green, but big-caps are mixed, with recent leaders Google (GOOG) and Intuitive Surgical (ISRG) lagging, while laggards Amazon (AMZN) and Netflix (NFLX) are stepping up.
It isn't bad action, but there's very little juice to it. Pockets of aggressive buying are tough to find. The days where you could load up on dozens of hot stocks have been rare.
I have a few long positions, including Cambrex (CBM), a small biotech with good numbers, but I continue to wait patiently for better signs of life. It's not that the market action is bad, it just isn't lively enough to support aggressive action.
