Today’s payroll number had just enough on both sides of the ledger to give stocks a reason to bounce.  

The ability for markets to break above these levels however requires breaking above the downward trendline that started back on January 26th.

Our analysis continues to point to market multiple compression and continued uncertainty with trade tensions and regulatory issues unclear.  These dynamics do not need to send Stocks significantly lower but the short term tactical trade remains I challenged.

Have a great weekend

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