Even if this morning did indeed feature a “GREAT” jobs report, as Business Insider (Go Bezos!) argues here, the market was already showing many cracks in the foundation this week and likely looking for an excuse to sell-off, rather than a catalyst, per se.
I am seeing some potential leaders going forward, discussing it with the gang inside 12631. However, I am also not in a rush to step in front of and declare the end to this corrective market action.
While the transports appear to be printing a huge “hammer” potential reversal candlestick today, it is again too early to make that judgment. Furthermore, we’d need to see confirmation to the upside.
And with sentiment arguably complacent here, I am erring on the side of caution.
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That happens to be my favorite movie of all time. Watch the dvd with Michael Mann’s commentary turned on…he talks about the look that Tom Sizemore gives that guy, which would be right after this clip. Then another “LA at night” movie by Mann was Collateral, very underrated in my opinion…
Totally agree with both points.