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Markets Not That Bad

I'm not trying to gild the lily (OK, I am) but this is not that bad. When the jobs report came out at 8:30am ET, I was quite sure the Dowwould be down at least 200 points at the open, likely more.

It didn't even come close, the worst was 150 points down. Given the overbought conditions of the market, and the understandable urge to sell immediately to preserve the last week's profits, this has not been a disastrous session by any means.

What worries me now is not the selling, it's the buying. Volume is, of course, light (1.5 billion on the consolidated NYSE tape at 12:45pm ET), and the odds are greater that we will droop into the close due to a lack of buying interest.

Strange leaders: gaming stocks...Wynn , Las Vegas Sands and MGM all up...recent reports indicate Macau gambling activity strong, a boost for WYNN and LVS.

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