S&P Fails Near 1100 Again!

Editor's Note:

The jobs data on Friday was extremely disappointing. No one was expecting a number that low for the private sector. The data definitely lends more strength to the double-dip recession camp. This is the second time in two weeks the S&P 500 has failed near the 1100 level. Suddenly downside target near 1,000 or 950 don't seem so far away.

We need to be very cautious about initiating new bullish positions. Check out tonight's watch list for three new candidates.