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A Key Tell; Right Here, Right Now
The quick bounce in response to the "better than expected" jobs report was to be expected as some shorts took profits.
However, given that the selling had been so intense over the last few days, a "test" of the rally was also to be expected.
So, now it gets interesting. Will the bears "call it," cover, and head to the beach, allowing the bulls to have their sigh of relief rally? Or will those looking to de-risk or get short do even more work today.
In my humble opinion, the action right here, right now, is the key tell for the near-term. Needless to say, we're watching closely.
Gun to the head - I'll say we rally. But there isn't much that would surprise me here.
All the Best,
Dave M.
Chief Investment Strategist
Disclosure - Mr. Moenning and/or related companies own positions in the following stocks mentioned: none
S&P 500 - Intraday
S&P 500 - Last 3 Months
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