Now that the Greek PSI nonsense is behind us (rolls eyes), the event-of-events is the jobs report Friday morning. Even if I knew precisely what the data was going to be, I wouldn't know what to do with it. A blowout huge jobs report could, on the one hand, cause the market to soar because of the recovering economy and could, just as easily, crash the market since it would make the prospect for QE3 even more remote. Or we could see both reactions within the first fifteen minutes of the report's release.
I intended to share an event split of bullish and bearish index charts, but I had a lot easier time finding bearish ones (imagine that!) Let's start off with some bullish arguments.
First up in the NASDAQ composite, which has done a yeoman's job staying above its breakout level of about 2890. Even during Tuesday's plunge, the index didn't even come close to threatening to pushing below that level. The breakout implies a rise to over 3,100.