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Yes, I am still expecting an upside breakout on the major averages sooner or later, but geopolitical tensions can sure challenge a bulls resolve. There was a lot of intrigue surrounding the air strike of a Syrian airbase late last week. The fact that it occurred almost parallel to the wining and dining of the Chinese President and his Generals (who were not given advance notice of the event) by President Trump at his Mar-a-Lago estate was almost surreal. Futures dove in the early hours on the news,
Traders were put to the test this week as an combination of economic and political news kept everybody on their toes. With a slow start to the new month as it was, things got interesting Wednesday when an ADP payroll report sent stocks rallying in front of the Fed minutes where the headlines was that the Fed's believe stocks were over priced. In case that was wasn't enough to send buyers in retreat, nearly simultaneously House Speaker Paul Ryan made comments about the lack of consensus on the tax
US created only 98,000 jobs in March, vs 180,000 expected
- Nonfarm payrolls up 98,000, unemployment rate at 4.5 percent
- Winter weather, retail slide cited for weakness
- "Real" unemployment rate at 8.9 percent, lowest in more than nine years
More: US created 98,000 jobs in March, vs 180,000 expected
The market action yesterday may be looked at from a couple of vantage points, and depending on which angle you take, the action may have seemed bullish, or bearish. The Dow ended the day up 15-points, but it was up over 90 earlier in the afternoon so the bulls gave way and couldn't hold onto those gains. But the bears had many reasons to push things lower yesterday, and they didn't do a good job either.
It was a nasty reversal for stocks on Wednesday as a nearly 200-point rally in the Dow turned into a 41-point loss by the close. It was the worst reversal in 14 months. The charts had improved greatly with the early action, but the Fed Minutes and some comments from Speaker of the House Paul Ryan reversed everything.