Stocks fell from overnight highs on higher than expected unemployment claims this morning, and a much worse than expected Philly Fed. But as one financial wiseguy said on Bloomberg, who cares about manufacturing? Probably does not care about jobs either.
A test of the pivot point support is underway. I would expect it to hold and perhaps recover after the Europeans have gone home to their folks and blokes, but if it gives way, which would be a clear break of the lower bound of that 'pivot channel' then its a new game, as they say.
"To be a follower of both Ayn Rand and Christ is not possible. She recognized that those Christians who claimed to share her views didn’t seem to understand what she was saying. We are sustaining a climate in which not a few gullible souls believe she is worth taking seriously. Instead of recommending Atlas Shrugged, perhaps we should simply hand out copies of The Satanic Bible." Alan Bean, Ayn Rand, Mother of American Satanism, 2012