Job number was negative but market will slug out direction with a bit more upside resistance in place. There is some pricing going on in the indexes as the second quarter gets underway and it will be determined if the current support fades once the pricing is completed. Program technical internals weaker this AM but could easily turn into strong negatives.
Yesterday's hearing on the JP Morgan/Bear Stearns intervention indicated an effort to avoid some sort of meltdown in the markets at the time but merely conjecture no data. Collectively the panel has as much knowledge about markets and market making at the dopes who leveraged themselves into disaster. What is known is there is still a ton of bad paper on the books with an economy that has weakened to the point where economic productivity may not offset the situation for some period of time. Not good for the overall markets.
