Yesterday's NASDAQ trade was strong enough to see the NASDAQ Composite Bullish % ($BPCOMPQ) reverse back into "bull confirmed" status as the market's hunger for 4 and 5-lettered stocks continues to grow and shows that demand for stocks is building and has NASDAQ internals continuing to improve. Yesterday's reversal in the very broad NASDAQ Composite begins to confirm the "bull alert" status given from the narrower and larger cap NASDAQ-100 Bullish % ($BPNDX) when it reversed up to 40% on March 17th and has grown to 53% bullish after adding a net of 3 stocks in yesterday's trade to reversing upward point and figure buy signals.
Stock futures are on the rise this morning after this morning's payroll data showed companies cut their workforce by 108,000 in March, which had the nation's unemployment rate unchanged at 5.8%, with 8.45 million Americans looking for work.
Average hourly wages rose 0.1% to $15.10. The aggregate number of hours worked in the economy rose 0.3% as the average workweek rose by 12 minutes to 34.3 hours.
Combined with the downward revision to February's payrolls, the job losses over the past two months were about 145,000 worse than expected by Wall Street economists.
Economists surveyed estimated, on average, a loss of 17,000 jobs in March. They also expected the jobless rate to rise to 6%.
Stock futures are holding near their best levels of the session with S&P futures (sp03m) gaining 10.4 points to 883.70. NASDAQ futures (nd03m) are rising 8 points at 1,075 and Dow futures (dj03m) are higher by 74 points at 8,272.
Fair value for the S&P 500 today is $-0.86. That price will not change during the session. HL Camp & Company has their computers set for program buying at $0.18 and set for program selling at $-2.22. Fair value for the NASDAQ-100 today is $3.06.
Early morning trade in the bond markets have Treasuries seeing selling across the major maturities and I view current action as being BULLISH for equities in today's session should it continue to hold and build. The 10-year YIELD ($TNX.X) is rising to 3.962%, which is right in that little zone of "yield resistance" we discussed in last night's Index Trader Wrap at OptionInvestor.com. Equity bulls want a move above this zone in today's session in my opinion, with further selling to have YIELD rising toward 4.01%.
Shares of PeopleSoft (NASDAQ:PSFT) $16.50 are this morning's most actively traded at $15.05, which is up from yesterday's post market trade of $13.74 after the software maker warned that a weak economy, delays in capital spending and customer's concerns about a drawn out war effort in Iraq would have the company posting Q1 profits of $0.11-$0.12 per share, which would be 2-cents below consensus and that revenues of $450-$455 million would miss expectations of $486 million.
Number 2 on this morning's most active list is Yahoo! Inc. (NASDAQ:YHOO) $24.34 at $24.20 after it priced a $750 million convertible offering of Zero coupon Senior Convertible Notes Due 2008 in a private offering. The notes were offered to investors at 100% of their principal amount, with the sale of the notes expected to close on Wednesday April 9, 2003.