And, the jobs report is better than expected.
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Looks like that reaction was just the robot traders shaking out the weak hands.
Peek-ah-boo
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Yeah really. I'm glad it didn't happen before the deadline because I'm rooting for the small guy in this game.
Shoot. Look at that POS stock Citigroup. It can bounce between 4.10-4.11 10 times a second and I'm not even watching it on a high speed platform. Sometimes it does over a couple million shares a second. What a joke.
The jobs report reversals are coming quicker and quicker. It used to be days, now it's hours.
I'm guessing the indices will close higher by the close (Dow down 18 right now), but losing a 1.5% to 2% intraday gain is not a great sign.
Jason Goepfert was saying this morning that: SPY gapped up on NFP day by +1% 10 times since '00. One week later, SPY was up only 1 time, avg return -2.1%
Here's the TRANS, another perspective.
Note the bollingers, and Slo STO lookin about to flip -just FYI
VR
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I see the problem there hessian. But I like the relative strength of the market leaders today - the trannies and the nasdaq. Trannies are down 0.16% (still above 4050) as of 2:45 PM ET, and the Naz is down 0.62%. Compare that to the Dow and S&P which are each down about 1.0%.
With all the bearishness on the small banks, I can't help but to notice a possible Reverse H&S pattern breakout today in the Regional Bank Index. Maybe it's legit, maybe it's not, but upside would be around 23.50 if it works. That target would challenge the previous August high.
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