I hope you didn't panic today. Today's action, as ugly as it was, was a necassary distribution day.I know, I know, it's easy to get caught up in the "end of the world" stuff but let's take a moment and think about why we were down today. The most obvious reason is the negative jobs report number, which on the headline seems to show stagnation when in reality there was contraction. Let's do the math:
0 (jobs created) + 45K (Verizon Strike) - 87K (birth/death number) = -42K jobs
Add to that the fact that we haven't taken a break from the rally off the lows, and you have a situation where it would have been more dangerous if we had gone up the last two sessions. Keep your head. DOn't PaNiC!!
Have a great Labor Day (ironic!) weekend and don't think about the market. Enjoy yourself! I'll do enough worrying for all of us ;)
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