The market is consolidating.
The conditions are setting up to close out market protection soon.
The VIX has come off its very low level, and the market has handled the move very well.
While the technicals are nice, ultimately the Employment Number next week will guide this market.
Despite the level to which the SP500 currently resides, multiples are still far from crazy. My previous thesis, focusing on the Employment Number, highlighted within the blah-to-good
post has not changed.
The Jobless Claims we have been seeing continues to suggest a 'blah' Employment Number.
The only caveat to the Jobless Claims is that the unadjusted numbers from recent weeks have been at their low-end, and generally declining. Since I am not an economist, I am not even going to try to pretend to know how this effects the Employment Number. (I am hoping it facilitates a solid number.)
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