Equities soft into March jobs report (Friday). The 6 most recent instances of weak into jobs day saw strong gains 1-week and 1-month later (5 of 6 times). We expect similar.

The video in this report is only accessible to members
The video in this report is only accessible to members
The video in this report is only accessible to members
The video in this report is only accessible to members

VIDEO: Thursday afternoon sell-off of 2% is creating a buying opportunity into Friday's jobs report.  There are 6 times stocks fell 1-day and 1-week into the jobs report.  5 of 6 times saw sizeable gains afterwards.

Please click below to view our Macro Minute (duration: 05:58).

The video in this report is only accessible to members
The video in this report is only accessible to members

Equities have struggled over the past week, with the S&P 500 down -2% in the past week. The "hair trigger" nervousness really started with the ISM manufacturing report which showed a rise in prices paid (Monday). And over the course of the week, the rise in oil, along with further inflation/Fed concerns amplified the weakness.

Thursday, markets came under pressure stemming from a constellation of factors, but it started with Fed's Kashkari suggesting Fed might not even cut rates in 2024 (he is not a voting member and he was in a LinkedIn live interview). This was 1:15pm ET Thursday. And while these comments are generally not given much weight, given the market's mixed momentum, along with the surge in oil, was enough to trigger risk-off. To us, this is probably a "gift" into Friday's March jobs report. The Street is looking for 214k, and the somewhat stronger ADP report (Wed) triggered some ec...

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