The market was expecting 200,000 new jobs. The report came in at only 88,000 new jobs. This is a real disappointment. Futures are off sharply.
The Employment Report is clearly pointing to a weaker economy.
The market's reaction is validating the GWM Market Direction Model sell signal we got earlier in the week. As a result I will further reduce equity exposure and consider taking strategic inverse positions on market bounces. A 5% to 10% correction is now much more likely.
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