The US job market got off to a very strong start to 2015 with oil sector weakness turning out to not even be a speed bump so far. US nonfarm payrolls increased by 257K on top of a 77K upward revision to last month. Also, hourly earnings rose over 2% despite the loss of high paying oilfield jobs indicating growing wage pressures. This news gave US stocks and USD a boost, but US indices have started to fall back on growing recognition that strong job and wage growth keeps the pressure on the Fed to start raising interest rates in the middle of this year, going against the grain of many other central banks which have eased to start the year. Canadian jobs look good on the surface but are more mixed on some digging. The headline number of 35K more sobs sounds good except that full time jobs fell by 12K, close to the 15K decline I had estimates. So the headline increase was due to a 47K jump in part-time jobs that only offset a 46K decline in part-time jobs the previous month. Still, the loonie has acted pretty well. Even with USD rallying, USD stopped at $1.2500 and has started to drop back. With the loonie starting to stand up to everything the bears can throw at it suggests that CAD could be washed out here with the potential for a rebound. Crude oil has also shrugged off today’s USD rally and has continued to rebound with WTI near $52.00 and Brent trading near $58.00 with both up another 3% or so today. Oil could be active right through to the weekend as the weekly US drill rig count (which kicked off the rebound a week ago) due at 1:00 pm ET. We also may see quite a bit of action in technology stocks in response to last night’s earnings reports. Corporate News Twitter $0.12 vs street $0.06, sales $479M vs street $453M, users 288M up 20% over year but only up 1.4% over Q, guides next Q sales to $440-$450M LinkedIn $0.61 vs street $0.53, sales $643M vs street $617M Pandora $0.18 in line but sales of $268M below guidance of $273-$278M Activision Blizzard $0.94 vs street $0.88, guides next Q to $0.05 below street $0.18, guides 2014 year to $1.15 vs street $1.42 Symantec $0.3 vs street $0.49, guides next Q to $0.42-$0.45 down from $0.48-$0.51 due to rising USD, cuts March 2015 year guidance to $1.87-$1.90 from $2.00-$2.03 also forex related Economic News Economic reports released overnight and this morning include: US nonfarm payrolls 257K vs street 230K, previous revised up to 329K from 252K US private payrolls 267K vs street 225K, previous revised up to 320K from 240K US unemployment rate 5.7% vs street 5.6% US average hourly earnings 2.2% vs street 1.9%, previous revised up to 1.9% from 1.7% US participation rate 62.9% vs previous 62.7% Canada employment change 35K vs street 5K vs previous (11K) Canada full-time jobs (12K) vs previous 35K Canada part-time jobs 47K vs previous (57K) Canada unemployment rate 6.6% vs street 6.7% Germany industrial production (0.7%) vs street (0.3%) Norway industrial production 3.5% vs previous 4.2% UK trade balance (£2.9B) vs street (£1.7B) Australia construction PMI 45.9 vs previous 44.4 Economic reports due later today include: 1:00 pm EDT US drilling rig count previous 1,543