The monthly job numbers are out, and they were a big miss. Not an apocalyptic miss, but still, it was almost 100k lower than the mainstream consensus were expecting.
March showed an official net gain of 120,000, vs expected 205,000. The underlying jobless rate fell from 8.3 to 8.2% - although once again, that appears largely due to people simply giving up/exiting the 'active' labour force.
How did futures react? The following chart I've highlighted roughly where futures suggests we'll be Monday open - all else being unchanged.
SP'60min
So, the bear flag played out (rather than it being a floor), and bulls look set to get whacked at the Monday open. All those Long the market (myself included), will need to don a heavy grade Flak jacket. Right now, futures wheel suggest the low 1380s.
A move into the 1370s would get me concerned, and if IWM breaks 80.00, then bears will be in control..for the first time since last October.
More across the weekend.
March showed an official net gain of 120,000, vs expected 205,000. The underlying jobless rate fell from 8.3 to 8.2% - although once again, that appears largely due to people simply giving up/exiting the 'active' labour force.
How did futures react? The following chart I've highlighted roughly where futures suggests we'll be Monday open - all else being unchanged.
SP'60min
So, the bear flag played out (rather than it being a floor), and bulls look set to get whacked at the Monday open. All those Long the market (myself included), will need to don a heavy grade Flak jacket. Right now, futures wheel suggest the low 1380s.
A move into the 1370s would get me concerned, and if IWM breaks 80.00, then bears will be in control..for the first time since last October.
More across the weekend.
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