While everyone is cheering Friday’s rosy job’s numbers, the market responded with a big fat “so what?”
Meanwhile, I have my eyes on a couple of charts that suggest “It Could Be A Long Way Down From Here”
$NDXA200R: Nasdaq 100 Percent of Stocks Above 200 Day Moving Average
$SPXA200R: S&P; 500 Percent of Stocks Above 200 Day Moving Average
Click on either chart for sharper image.
For more on the jobs report please see Jobs Increase by 290,000; Unemployment Rate Rises to 9.9%; A Look at the Details
Assuming you believe those jobs numbers, a huge rise in employment is more than priced in.
Mike “Mish” Shedlock
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