From a contrarian perspective, Thursday

From a contrarian perspective, Thursday afternoon”s downward bias is potentially bullish for Friday. Despite followig a tremendous downleg, and developing entirely under natural support of the morning”s low, two consecutive timing windows overlapped the same range. Lower lows throughout never extended. Exiting the bias environment under the noon hour”s lows didn”t probe lower at relevant times. A lot of selling pressure was expended, without putting into play lower objectives for the effort.

None of which precludes there being an initially negative knee-jerk reaction to Friday”s pre-open Employment Situation report. None of which requires a favorable reaction. But it”s the basis for either of those to resolve up. And having that basis, NOT soon resolving up or maintaining initial gains would be that much more bearish. The market is fast-approaching two days of illiquidity and a third not so liquid day, which at least ensures that even sideways ranging will range widely.

Details and other market coverage were discussed during the post-market Wrap recorded here:
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