The See-Saw in the Market Indexes the last few days after a month of Price gains to New Highs suggests that unless we see another major push upwards, the path of least resistance is downwards. However, the Big Guns are still propping this Market up, as witnessed by today’s action where AAPL shot up in the last 25 minutes of the day and pulled all Market Indexes up to a ho-hum day and just a few points down, when it could have been much worse.
The Russell 2000 (RUT) has been one of the leading Market Indexes, and seems to be stalling at the 911 level.
As you well know, the market has run up for the past month of trading days, but as you can see this past week or so we see the jittery nature and at this point we are at that vulnerable stage of getting a knee jerk down:
As I warned you to look for, we had our first shot across the bow with a small Kahuna+ down (-0.27), while the Market is still being propped up:
For the record the next two slides show the updated Jobs Report Numbers revised for the whole year.
Today’s news on Jobs indicate that “Jobless claims point to healing in labor market”…
(Reuters) – The number of Americans filing new claims for jobless benefits fell last week and a trend reading hit a near five-year low, signs a grinding recovery in the labor market remains on track.