The market has ignored the larger than expected jump in the unemployment rate. Consensus was a move to 9.2% but they got 9.4%, however, what gave the market some support was the actual additions to the unemployed queue was less than expected. All in all the market has again shrugged off a poor headline number and satisfied itself with what it wants to focus on. Market internals where balanced so we’re no better off direction wise from Thursday, although price and momentum remain up. Our alert system however is now standing at 5 meaning that we should expect a reversal of recent strength or at best a consolidation.
STEC jumped out pf a nice high tight pennant pattern – let’s see if it can’t get to the target.
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