“Initial claims for state unemployment benefits dropped 32,000 to a seasonally adjusted 300,000 for the week ended April 5, the Labor Department said. That was the lowest level since May 2007, before the start of the 2007-09 recession… "The return of warmer temperatures has brought with it better data. There are a number of signs that progress in the jobs market could be accelerating, a positive sign for the broad economy as well," said Jim Baird, chief investment officer at Plante Moran Financial Advisors in Kalamazoo, Michigan.” Full story at…
The yield on the 10-year Treasury Note moved up slightly to 2.69%.
Although Wednesday’s strong price-volume action indicated Thursday would be a down day (as I noted Wednesday), I can’t say I expected this much down. Thursday was another statistically significant day since it exceeded my price and volume statistical parameters, but it was in the down direction. This would usually (about 62% of the time) be followed by an up day on Friday.
I wrote Wednesday: “All in all…it appears the correction has been postponed.” Hmmm. That could still be true, but I am less certain today.
In a correction, the low of 1742 on 3 Feb will be tested. Then we may have a better idea of how serious any correction may be (if there is one).