U.S. Stocks closed on a mixed note Friday, ending a tumultuous week that saw the major averages close at 12 year lows. This type of downswing will likely end when the sellers are exhausted, rather than with any significant economic or political catalyst. The bottom line is that investors are not willing to step in and buy stocks when there is so much uncertainty coming out of Washington, and economic data continues to be weak.
Today, the government reported that the U.S. economy shed another 652,000 jobs in February, and the January and December reports were revised downward sharply. No real surprise there. The fact that the report was not worse allowed the market to rally initially, before selling off. Late in the session, the shorts covered and squared their positions for the weekend.
More to come!
Scott Cole
www.bestdaytradingstocks.com
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