3/6/08
With Dow sitting slightly above 12000, USD/JPY is making fresh new high for JPY. Stock market is ready to retest the 1/08 lows 11650-11700 level very soon. Tomorrow, Non-farm payroll(NFP)
index will be announced 7:30am central time and estimate is +30k jobs created for Feb. If the actual number is way below the mark(on negative side I have my source say -77k), huge stock decline and probably test the 11600-11700 area. Plus,with certain technical level/condition met, stock may bounce back to build a hammer candlestick pattern. If the NFP is much better than estimate, expect market would rally around to 12300-12350 area. Last case, stock selloff huge to 11600 or maybe lower cause nasday 100 index is just barely sitting to solid support 1700 level,if it trades deeply lower to 1600-1650 then I expect we may not have good bounce rally. Also, see the USD/JPY to which level to alter the trend then market has a chance to bounce from deep selloff.
Good luck to whoever long stocks
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