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Market Lab Report - Premarket Pulse 6/6/16

Major averages sold off on the weak jobs data but once again managed to claw back some gains to finish in the upper half of the trading range. While the markets closed lower, Friday was the fourth day in a row markets have had a strong second half finish despite bearish news related to higher rates, a very weak jobs report, or global economic malaise. It also marked the third week the market has been in an uptrend.

As our readers know, the way the market reacts to the news is far more important than the news itself. But ultimately, the key always lies in the price/volume action of the major indices and leading stocks as we have illustrated to members regarding our buying and selling strategies with respect to pocket pivots, buyable gap ups, short-sale set ups, and intraday 620 charts amply described in our webinars which optimize ones entry and exit points.

So despite QE distorting markets and nullifying a number of indicators, profits can and have been made by those who are nimble. This implies maintaining a fluid approach to the markets in always knowing that stocks and markets can switch from bullish to bearish on a dime.

Fed chair Yellen is due to start speaking at 12:30 p.m. Eastern. Given the weak jobs numbers, she will likely use her stump to dampen speculation that the Fed will soon have to reverse course by hiking rates. Meanwhile, Fed President Eric Rosengren on Monday said he expected sufficient economic growth to justify higher interest rates in coming months.

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