Stocks are set to open Tuesday's session sharply higher. Here are this mornings reads:
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Friday Focus: Bring It On
This morning's job report, which I was pretty darn close to guessing (it was 173k and 5.1%) , didn't change the current state of the stock market.
Heading into the pre-market report stocks were already 1%+ lower, and soon after the report they slid even lower.
The opening bell brought a quick spike higher but as the minutes passed stocks resumed their meltdown with nary a bounce until very late in the session. A sharp short squeeze at the end of the session briefly lifted stocks off their lows, but they still ended with a thud. There was no lipstick that was going to make this sell-off look attractive, especially heading into a long holiday weekend.
Last nights flash crash ended up being a wonderful spot to get out of dodge. It's hard to believe prices actually came back to even after the mini-flash crash before succumbing to 17 hours of non-stop selling.