The market has seen a 50% retracement of its most recent two-week rally but the pull back happened in just two days.
The result is a nasty-looking bearish reversal.
Were we due for some profit taking after a +8% gain in the S&P500 in less than two weeks? Yes, we were. That doesn't mean I want to rush in and buy the sell-off on Friday. The jobs data on Friday morning was a huge miss. There could be more fallout from this news.
We are not adding any new trades tonight. In addition to the new watch list candidates in this evening's newsletter, here is a list of stocks on my radar screen.
BMY, CHD, RIMM, JAZZ, BCR, MAKO, DLTR, and CRS