Markets Weak As Eyes Look For Next Catalyst
The jobs number passed last Friday. It was a non event and somewhat of a disappointment. Just 103,000 jobs created in the month of December. While there has been plenty of positive data in the last couple months, the markets are not seeing the jobs growth they hoped for. This is keeping new buyers on the sidelines and is bringing in some profit taking. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $126.81, -0.33 (-0.26%). At this point, it is likely all eyes will be on earnings in the next couple weeks. Alcoa Inc. (NYSE:AA) kick starts earnings today after the market closes. They are expected to report between $0.19 and $0.22 per share. The stock has screamed higher in recent weeks as commodity stocks have taken off. In August, AA was trading at $10.00 per share. It has risen to a high today of $16.71. In the coming weeks watch the Dollar and commodity prices, along with earnings. These will be the driving forces.