Interesting night in the US. Jobs data comes out WAY WORSE than...

Interesting night in the US.

Jobs data comes out WAY WORSE than anyone expected. Average analyst was forecasting job growth of 105,000 and it turned out to only be 18,000.

Why interesting?

Well the DOW only closed down 0.5%. If this bad news was to come out during our relentless downtrend, I would have expected a 2% drop on US indices.

It is as if the 'men in black' knew of what was to come and let the market rally before the bad news to make it easier to swallow.

We may have a short term top here. Having said that, the bulls are very confident that this dip should be bought into. The bears are few and far between.

We will see lower prices this year IMO. But before that happens, the market could find a token new high just to fool us.

The next bad news to hit will be Portugal and the big one Spain. Between now and when that news will hit, the market is free to move higher.