March Unemployment came in in line as expected. Consensus forecast was for a loss of 654 k thousand jobs, the actual number was a loss of 663 k.
The market stayed the majority of its time in the negative but managed to crawl back into positive territory during the last 2 hours of the day. All of the major averages ended the day in the green with the Dow up 0.66%, the S&P up 1.04 %up and the Nasdaq up 1.80% on the close.
After today we have yet set another record. The 4 week percentage gain in the Dow Jones is now the greatest seen since 1933 ! History in the making and we are right there for it. It feels good to be a stock investor again.
Today was a classic consolidation day after this weeks run up. Neither the longs nor the shorts were prepared to push aggressively from either side and as such it was an uneventful day.
The trend is still up and it seems to me that there is one more up leg to the current, almost 4 week old rally. However, I also believe that we are getting close to the point where we might see a correction in the market which should last at least a couple of days. The greatest rally we have seen during the last 75 years will not go on forever. That much is for sure.
My best guess right now is that we see a stable/positive opening on Monday and see consolidation/weakness setting in later in the week.
Happy Weekend.
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