Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Well for all the Draghi bluster and excitement over the job gains it has not been a rip roaring day. As I type a whopping 0.2% advance as premarket gains really petered out (EDIT 10:25 AM- market has now given up all gains) as 10 year yield spike. 2.7% is not an extraordinary level but the pace of gains in a very short period is a lot for the market to absorb. The normal suspects (homebuilders, REITs, utilities) are getting slammed on the move.
As for the S&P 500 we have the 3rd rejection at the 50 day moving average in four sessions. Bulls need this to change as a first step.
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