Analysis:
Today the better-than-forecast Initial Jobless Claims failed to lift the market, and the market made another attempt to drop below 1,150 in a day of consolidation. Looking ahead to tomorrow, the private payroll increase will disappoint because the consensus of 75,000 increase is a lofty expectation. Any number short of 75,000 will send the market back below 1,150, while a number below 50,000 will send the market to retest the 1,131 support. On the other hand, a number above 90,000 coupled with today's positive earnings report from Alcoa will pull the market decisively away from 1,150.
Strategy:
Hold short at 1,157
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