Big miss in January Non-Farm Payrolls: just 113,000, yet the unemployment rate magically went down again (to 6.6%).
Futures were up huge then down huge on the number, but it looks like 1755.79 will hold, so I added some more SSO in the pre-market. They're ripping higher once again in what appears to be an impulsive move.
The way I see it, we are either in wave a of an a-b-c correction of the decline, or wave 5 to new highs. There is an outside chance that the market could subdivide lower in a crash scenario, but it is low odds in my opinion. Getting above 1798.77 would essentially cancel that scenario.
Decided to turn on the iPod this morning and the first song to come on was Virginia Plain by Roxy Music. Now I know it's going to be a great day.
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