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Friday, May 07, 2010 2:01 PM

Equity Markets: A Long Way Down From Here

Mish Moved to MishTalk.Com Click to Visit.

While everyone is cheering Friday's rosy job's numbers, the market responded with a big fat "so what?"

Meanwhile, I have my eyes on a couple of charts that suggest "It Could Be A Long Way Down From Here"

$NDXA200R: Nasdaq 100 Percent of Stocks Above 200 Day Moving Average

$SPXA200R: S&P 500 Percent of Stocks Above 200 Day Moving Average

Click on either chart for sharper image.

For more on the jobs report please see Jobs Increase by 290,000; Unemployment Rate Rises to 9.9%; A Look at the Details

Assuming you believe those jobs numbers, a huge rise in employment is more than priced in.

Mike "Mish" Shedlock
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