That is the question that will be answered at 8:30 this morning. But whether 'tis nobler in the market to suffer the poverty and indignation of the low-paying jobs the economy has been throwing off this year or to take more alms from the DOE – that is indeed the question…
As I noted in our Member Chat this morning, the quality of jobs we've created has sucked and that is what spooked the market to a 5% drop on last month's report, which only showed 162,000 jobs created and hourly wages were dropping and hours worked were dropping – there's nothing to celebtrate there – even if you do think it means the Fed will keep handing out Free Money for another quarter.
- Dow 15,600 (ignore spike) to 14,800 is 800 points so 160 bounce (20%) is 14,960 weak and 15,140 strong.
- S&P 1,710 (where it was rejected) to 1,630 (ignoring spike) is 80 points so 16 bounces to 1,646 weak and 1,662 strong
- Nasda 3,700 (where it was rejected) to 3,600 (non-spike low) is 100 points so 20 bounces to 3,620 weak and 3,640 strong
- NYSE 9,700 (where it was rejected) to 9,300 (non-spike low) is 400 points so 80 bounces to 9,380 weak and 9,460 strong
- Russell 1,060 (non-spike top) to 1,010 is 50 points so 10 bounces to
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