The tug-of-war between the bulls and bears continued last week as the back-and-forth action has now stretched into 13-straight sessions. The Dow was up heading into Friday’s action and we nailed the numbers for all of the indexes on Thursday’s close which gave little clues on which direction the market could go on Friday. However, futures were weakening in overnight trading leading us to believe there could be some downside action to close out the week.
Of course, the big event came before the bell on Friday as Nonfarm Payrolls came in at a staggering 88,000 or less than half of what the suit-and-ties had forecast (200,000). Wall Street’s jaw dropped and you could hear the pin that hit on the exchange floor.
We knew the open was going to be nasty but we highlighted support and once it held we had a feeling there would be some dip buying. The bulls did well to recover their losses on Friday while the bears did their best to crack the first wave of support ahead of 1Q earnings season that begin this week. (read more…)
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