So when I said perhaps the jobs number would give us an extreme move for a better entry with higher odds, at least the market complied. S&P futures (e-mini) just went from 1311 to 1294.50 on the jobs number. The market just slapped the Keynesians.
The low from 4/18 is 1290.25 and there is a Fib projection to 1275. I'll be watching for the cash S&P to at least test the 1294.70 low from 4/18. That would break the trend of higher highs, and set up the first lower low since the flash crash.
I said a few weeks ago that this market is a bloated pig and I stand by that. But I also said yesterday that it may have a few tricks up its sleeve. That's not especially profound -- that's true everyday. But this is a market that has been incredibly stimulated for over three years. All the more reason to be ready for anything. I'm not sure if the Keynesians are ready to throw in the towel yet.
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