The market had been ignoring the recent run in crude, brushing it off as temporary emotional buying as a hedge against economic sanctions against Iran. Whatever the reason, oil is back up against all-time highs, and that was making the markets nervous.
More Quotes from Marc Pado:
If you're going into the worst year of a four-year cycle and heading into one of the worst months statistically of the year, then it seems like a likely opportunity for the market to see its 10 percent correction.Marc Pado
Yesterday was perhaps as technically disappointing as last Friday.
Marc Pado
With China, they often do this, where they take one small step until the pressure gets high again. It's unlikely that China is really going to move aggressively to slow their economy. It would take aggressive moves in order to make an impact on China's growth at this point.
Marc Pado
Obviously the Iranian thing is a wild card and nothing's going to get resolved in the short term, but the earnings are really what's key to the market and any longer-term perspective.
Marc Pado
It is a domino effect of negative news.
Marc Pado
The headline number probably isn't as important as the wages and average hours worked. Earnings are still the main driving force, and the jobs number is just a hurdle in our path.
Marc Pado
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