This was a nice week for bulls. As to light volume it's disturbing but for most investors it's not something put on their brokerage statement. We see the overall pattern as distribution but we're also long maintaining our typical systematic approach to conditions and markets. We can rage at the machine but still do our job.
Next week will feature primarily the Employment Report. It will be more interesting than most given recent Jobless Claims trends. At the same time many are losing benefits and dropping off the rolls. During the week we'll see plenty more earnings news and economic data featuring ISM Mfg Index, Chicago, PMI, Construction Spending and ADP Employment data, Jobless Claims and the Employment Report. Sunday, May 6
is the French election.
Let's see what happens.
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