By: Scott Redler
More negative headlines from overseas and a worse than expected jobs number might be the one-two Punch to derail this new fledgling rally. Today will be important. Watch 1070-1075 as very important support. A big distribution day in the first few days of a new attempted rally can easily negate the constructive action of late.
I guess for President Obama and Goldman, which said that 600,000+ non farm payrolls could be announced, today was the rope a dope. I am in tier one long now in some of the strong stocks, so today will be complicated and tough to trade for me.
I will not be stubborn, but I will give a few hours to see what shakes out. The Euro is at new lows, with Hungary now at risk. The inevitable questions is, who will be next? As much as we want to be bullish. it’s hard to ignore the reality and headlines.
