Here we sit, 25 points away from the 11,000 print. Someone obviously does not want that print to go out. We got reasonably bullish un-enjoyment figures on Good Friday.
Regardless of you political ilk, or any suspicions about the validity of that 9.7 percent figure, the number is what it is. The US did grow 162K jobs last month, the biggest rise out of the 3 spikes up we have seen in the last 3 years.
As i am writing this, the trading high is 10,988. Who or what is holding us from getting the print out?
One thing I know, is that no matter how big the offer, the market will eventually eat through it like a hungry pac man.
Remember, the low in March 2009 was 6450. There is no way, if we get through 11,000 that we are not going to rally up for the full 5,000 point rally. I could be wrong, but I just find that too much of a technical target. Bulls want to see it print, as much as the bears want to step in an sell the pi out of it. 3.14144124.
Its like two armies facing off on the maginot line of trading.
I don’t know who will win, how long we’ll trade there. For now there is a jolly green giant with his foot on the throat of this market, determined not to see that 11,000 print go to the screen.
First two prints are sales. After that, if we settle higher, it’s katie bar the door.
Use your stops
Good Trading
