It is a brutal day, no question about it! The good news (about the jobs report) is bad news for the Street. Today's plunge of over 100 points of S&P has nearly wiped out all the gains we got early this week.
While it is indeed a very bad feeling for anyong long the market, I cannot help but see some silver lining that may set up for the next leg up for the near term. It is purely technical but still it is very compelling.
See the blue cycles in the chart below in comparison to the Jun bottoming process. Do you see the similarity between the two? I do and I think this is another setup for the emerging dead-cat bounce.
I'm buying.... AGAIN!
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