Correction ahead?

Wall Street strategist Tom Lee sees the S&P 500 falling 5% in the next 30 days

#Market I rarely post CNBC talking heads, but this guy is always sensible and rarely wrong.

August JOBS report

#Market A slight miss this month. Market don’t care.

+156,000 non-farm jobs in August. June/July revised down a total of -41,000
Unemployment rate up one tick to 4.4%, after ticking down to 4.3% in July.
U6 unchanged at 8.6%, unchanged
Avg hourly earnings up +0.1%, worse than July +0.3% and June +0.2%
Labor Force Participation 62.9%, unchanged.

#Market Even though the market…

Even though the market is whippy today, the internals really don’t suggest a big drop.
Tick isn’t doing anything remarkable
ADD is positive
VOLSPD is basically flat
VOLQD is flat to positive

Obviously this could change, but looks OK right now.

#Market Looks like only support…

Looks like only support level today will be time based, the closing bell in 3 hours.

VIX dropping

#VIXIndicator #Market The VIX topped at 17.28 a few hours ago but is now dropping on lower than expected inflation numbers. Looks like indices will open flat or positive.

To me it looks like an opportunity to short, but this market has been killing the dreams of bears for years.

July Jobs Report

#Market Pretty much good news all around:

+209,000 jobs. June revised to +231,000
Unemployment rate back to 4.3%, after ticking up to 4.4% in June
U6 unchanged at 8.6%
Avg hourly earnings up 0.3%, better than June (up 0.2%)
Labor Force Participation 62.9% (up 0.1 from June)

#Market I was looking at…

#Market I was looking at a BuPS and all of sudden within seconds the market went down sharply.