By: T3Live
Yesterday Scott Redler was quoted on Patti Domm’s blog over at CNBC. Below is an excerpt from that article, you can read the full story here:
“The path to least resistance to the Friday jobs report is to the upside,” said Scott Redler of T3live.com, who focuses on the market’s short term technical moves.
“If we blast through 1100 (on the S&P 500), and the jobs numbers are great, then we’re in the same trend we’ve been in since last year,” Redler said, noting stocks have experienced only relatively shallow sell offs since March.
But the market could also sell off on that news. “I’m going to short this rally at around 1102/1108, and if we can’t get back to that level then we know the market is weak and we’ll look for a bigger correction in coming months,” he said.
“I do feel more stocks are technically broken than set up well, and I do feel that we’re going to get a 10 to 15 percent correction once we work off this oversold condition, but I’m going to let the market tell me that,” Redler said.
