“While there is a chance for a continued rally into June, there doesn’t appear to be a whole lot of good news favoring the bulls as we enter the summer doldrums. Most Wall Street pros feel they deserve a vacation even if they aren’t making their clients money so many of them “relax” during the summer months and take it easy.
The uptrend channels we have outlined in the charts and resistance levels will be hard to clear if there isn’t a MAJOR catalyst to drive the market higher. The Fed appears to be all but dead but will meet again in late June and the next earnings cycle isn’t until July. Given this backdrop, we are expecting a continued choppy to downside market over the next few months but we could see a continued rally this week and into next.” (from 5/28/2012 Weekly Wrap/ Tuesday Morning Outlook)…
The bulls got off to a great start on Tuesday as the shortened holiday week sparked some buying on Wall Street. Much of the rally came on renewed hopes that Greece and Spain could remain in the eurozone but those dreams were dashed by Wednesday.
Trading was choppy on Thursday as the economic data here at home favored the bears but the bulls held support before bouncing back ahead of Friday’s nonfarm payrolls report. They should have stayed on the mat.
Nonfarm Payrolls were a huge disappointment as only 69,000 new jobs were created versus expectations for a print of 150,000. Unemployment rose from 8.1% to 8.2%. Needless to say, the bears were happy and so were we as we were betting on a nasty number. (continued…)
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