The media had a blast taking shots at President Trump after he said he’s not looking at the stock market. Of course, he knows what’s going on, and in many ways, he’s right that potent entities are helping to drive stocks lower.

Calling Wall Street’s Bluff

Nomura published a piece that supports President Trump’s assertion that he is not watching the market and that this will not deter him from using tariffs because it didn’t deter him the first time around.

Moreover, I think the media has overplayed its hand in its eagerness to say Trump “caved.”

As for big, powerful entities, hedge funds have a monster short position.

Nowhere to Hide

There is nowhere to hide when there is an avalanche of selling, although Energy (XLE) and Consumer Staples (XLP) staged noticeable intraday rebounds yesterday.

Consumer Discretionary (XLY) pulled up the rear because consumers are pinched, and now rich folks carrying the load are getting nixed by the negative wealth effect from the market selloff.

Heat Map

The Heat Map reveals more positive action than one might have imagined. These are smaller names that can’t carry the market but make good foxholes.

But all eyes are on large-cap Technology (XLK), which continues its meltdown.

Some of this selling is from government austerity, but even then, it's overdone.

Meanwhile, it was another eclectic advancers board.

Jobs Report

After the ADP bomb, this morning's jobs report is creating even more anxiety.

It's always a crap shoot because of the massive revisions.  I’m not sure what the Street wants to see since lousy news has been bad news, but I suspect this is the point of the selloff, and everyone is hoping for the Fed to gallop to the rescue.

Today’s Session

It was a mixed jobs report with 151k jobs added in February, below economists’ expectations of 160k. Revisions were also mixed as well, with the last two months being revised down by 2k.

Education & health services, and financial activities were the top gainers in February.

Yields continue to decline after the jobs report.

Major indices also dipped before the open.

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