A decent jobs report this morning was followed by a report that credit keeps shrinking. The markets were up and down today as investors are just seemingly trying to get their ducks in a row ahead of the unemployment and non-Farm Payrolls data, as well as ahead of earnings reports this evening.

Here are today's unofficial closing bell levels:

Dow Jones 10,948.58 -19.07 (-0.17%)
S&P 500 1,158.06 -1.91 (-0.16%)
Nasdaq 2,383.67 +3.01 (0.13%)

Top Analyst Calls
Retail Sales Winners/Losers

According to the ADP employment payroll report released Wednesday morning, private-sector employment in the United States increased by 42,000. This data is a precursor to Friday's nonfarm payroll report, which is expected to show a decline of 60,000. July's increase was the sixth straight increase.

With experts predicting a drop of 60,000 jobs, I have one major concern. According to the article, analysts are expecting an increase of 96,000 jobs in the private sector. But the private sector (while it did report an increase) reported far fewer than 96,000 added jobs.

Almost as if it didn't happen, yesterday's late day selloff was negated today with a triple-digit DJIA gain ahead of Friday's key jobs data. Yesterday's late day sell off was not repeated today.

Here were today's unofficial closing bell levels:

Dow 10,249.54 +225.52 (2.25%)
S&P 500 1,098.38 +27.67 (2.58%)
Nasdaq 2,281.07 +58.74 (2.64%)

Top Analyst Calls

Today needed a strong jobs number to keep traders interested and to keep traders and investors from taking profits. A 10% unemployment reading and a loss of 85,000 non-farm payrolls for December was not enough. The drop in the dollar earlier today (based on the FOMC being able to keep a zero-rate) may have been the only thing that kept more profit taking by stock trading from coming. Here were today's unofficial closing bell levels:

Dow 10,617.06 +10.20 (0.10%)
S&P 500 1,144.93 +3.24 (0.28%)
Nasdaq 2,317.17 +17.12 (0.74%)

Top Analyst Upgrades/Downgrades

Wednesday morning, the ADP index announced that private-sector firms shed 84,000 jobs in December.

Although this was the fewest jobs lost since March 2008, December marked a 23rd-straight month where jobs were lost. Looking back at the number of jobs lost during November, ADP revised the number lost to 145,000 from the original 169,000. Remember, the ADP index does not take government jobs into account.

Today's jobs number could be game changer. US jobs fell by only 11,000. Analysts had expected 130,000.

Traders reacted instantly. The S & P initially rose 1.3% to 1,117.20,but has turned lower.

The dollar rose against the euro, up .8%. The euro traded at $1.49, down against the dollar. Against the yen, the dollar rose 1.7% to Y89.80. On a trade weighted basis the dollar traded at 75.29.

With hope of a of a stronger economy, oil initially rose 1.3% to $77.48 per barrel, but followed commodities lower. Gold, which had trading higher on a weak dollar, fell 1.5% to $1,188.20 per ounce. At noon EDT, gold was down $49.00 per ounce.

Today's jobs data was not bad, relatively any way, but the housing delinquencies and foreclosure rates was just awful and not representative of anything good. The overseas selling had the markets soft this morning and despite a recovery off lows the 'positive green line' was never really in the cards at the end of the trading day. The retailers are also running soft because of excessive discounting and promotions before the holiday season even starts.

Here are the unofficial closing bell levels:

Dow 10,341.44 -84.87 (-0.81%)
S&P 500 1,094.90 -14.90 (-1.34%)
Nasdaq 2,156.82 -36.32 (-1.66%)

Top Analyst Calls
Top Day Trader Alerts
Top Stock/Market Rumors