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Employment Data Sinks Stocks: Dave's Daily


Now that's not a very creative headline is it? I'll bet there are at least a dozen like it; but, there's only so much room for creativity, and besides, who cares. The image says more than words anyway.

Forecasters were working overtime throughout the week lowering estimates for the employment report but even the lowest forecast was too generous. The range of forecasts was between 90-200K new jobs and only 54K was realized. This ended two weeks of awful economic reports. There isn't much to look forward to until earnings season begins in July. Perhaps Fed QE2 operations scheduled to end this month can keep trading desks lubricated enough to prop stocks until earnings season begins. And, Ben was busy Friday with POMO activities with another $7 billion for the Primary Dealers. This may just be ammo for a short squeeze next week with stocks now short-term oversold.

As noted previously, minus the "flash crash" (which could still happen) 2011 resembles 2010 just about perfectly. I'm not too optimistic for the summer but then predictions aren't my thing.

Overall, the "monthly" DeMark 9s, which were finalized in May, forecast current conditions well. They did what they're supposed to do; indicate "trend exhaustion" and so far that's what we're seeing for stocks anyway. A correction or reversal in trend is always possible.

Volume was once again heavy on selling as more stops were hit. A rise early off the lower gap opening may have just been wasted buying power from POMO money as stocks closed about where they began. Breadth per the WSJ was once again quite negative and may have recorded another 10/90 day.


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