The market was working on a very strong day until late day selling came in. Blame was on a fedhead who said something…blah blah blah. We do not rationalize why! Of course, futures, which were down nicely last night are now up nicely, though off their highs.
There remain 2 major worries.
The FINANCIALS continue to act like crap.
The market advance is the most narrow market advance we have ever seen. Narrow markets are just much easier to sell off.
This morning, ADP numbers show a loss of over 20 million jobs…expected but still wow! Most jobs lost are in the service sector.