People Have Jobs and the Market Is Down

Forget the notion that "good news is bad news". Long-term, here's why I liked the number.

PRE-OPEN MARKET COMMENTS FRIDAY – The stage was set for a small market bounce yesterday. The bid had been tested Wednesday and the gains from Tuesday held. The market is deeply oversold and with earnings season starting next week I felt the odds of a bounce were high. Unfortunately, the price action yesterday was bearish. Stocks retraced and they closed on the low of the day. When patterns that should work don’t produce, it is a warning sign. Buyers should have been more excited by the fact that support was tested a second time and that it held firm.

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