Stocks’ gains faded Thursday despite a strong rally in Europe, as investors focused on coming U.S. employment data.
The Dow closed up 23.38 points, or 0.1%, to 16374.76, after rising as much as 199 points earlier in the session. The S&P 500 also closed 0.1% higher, but the Nasdaq Composite slipped 0.4%.
Is it me, or is it just a little bit curious that out of a 300,000,000 person population…that every month we’re conveniently…safely… creating a mean average of 200,000 jobs? I guess if you like raking leaves out of a pool you’re one of the lucky 200,000 that got a job. Call me cynical.
Today’s selloff seemed orderly and not panicky, but the fact that the SPX gave back 25 handles form the top is never a bullish sign. But as I’ve said this is normal after a brutal selloff. The market can take a few weeks to get its confidence back and find ts footing.
We had two stops hit today in CMPR and SCO. I still think crude will roll over again and will probably revisit both soon, but a stop is a stop.
See you in the morning.