Derivatives

Yesterday, the market eventually caved in to selling pressure as investors fled for the exits. A higher than expected ADP employment index weighed on the market. Initial jobless claims have been creeping higher for the last four weeks and traders felt comfortable shorting the market ahead of today’s Unemployment Report. A worst-case scenario was priced into the market and no one was going to take any chances after last month’s dismal report. Yesterday’s decline pushed the market down to a new relative low on a closing basis. The January capitulation low and the March retest both had higher closing lows. This …
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