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U.S. stocks fell, with the Standard & Poor’s 500 Index heading for a second straight weekly loss. The S&P 500 fell 1.2 percent to 2,075.95 at 12:31 p.m. in New York. Employers added more jobs than forecast in February and the unemployment rate dropped to 5.5 percent, the lowest in almost seven years. The 295,000 advance in payrolls last month followed a 239,000 January increase that was smaller than previously reported. The S&P 500 is up less than 1 percent year to date.

Equities. The MAR15 emini SP500 is down over 1% today after a much higher than expected jobs # rocked the bond market, and thereby the stock market. We have been noting our initial downside target of the 2060 area, and today the SP500 has certainly moved closer to that target. We believe the selling is not finished yet.

Bonds. The JUN15US Bonds are down huge today. This contract is down almost 4 full points to 15506! That is a big move. As we mentioned yesterday, the bonds seem to be in a bearish technical environment. We would not be surprised, again, to see continued bearishness in the US 30yr bonds. As far as a target, it is really difficult to say at this point.  We believe in the idea of rallies being opportunities for the market to come back down.

Currencies. The MAR15 USD launched higher today by 126 ticks to 97.65! The MAR15 Euro extended recent losses to 108.57. These are major trends in FX markets that are very dangerous to fight. Next week should be an extremely interest week for major financial sectors. You could see more volatility next week as big funds and money managers start to reprice risk of interest rates rising in June.

Commodities. APR15 gold is getting crushed today, down $32 to $1164, breaking a recent low of $1190. We were postulating a week or two ago that gold may have found a short term bottom at $1190, which ended up being true, but this idea was incorrect on the larger time scale because gold broke below that low today. MAY15 coffee is higher today to $1.3745. We continue to have the idea that coffee is oversold, and we think it will rally above $1.40.

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