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When the Stock Market Falls Sharply on a Jobs Report Friday
By Rennie on Friday, June 4th, 2010 at 3:10 pmWhen the S&P has fallen 1%+ on a Jobs Report Friday, there’s often short-term downside follow-through. I count 23 instances since 2000, 18 of which led to a subsequently lower SPX close within the next two sessions. I’d also note with TICKscore currently at -52, the cumulative version of the indicator is set to fall back into a pattern of lower lows. A mild selloff today would have prompted me to position for a bounce early next week, but the severity of today’s decline suggests caution is warranted.