The market swooned after the jobs report and monster revision on Friday, although the decline was off the mill, it was enough to excite the fear-mongers that had been holding out weeks for bad news.

I put a ton of work into Payne’s Perspective, so this is going to be light. Bias is still to the upside, but could change this week. More rate cuts on the table for the rest of the year should assuage some anxiety. More tariff deals would also help, but historically, this is a tough stretch for the market.

I’d like to see 6,129 hold as support. 

Hectic Monday

From Seeking Alpha:

Buckle up.

Today’s Session

It’s a quiet morning which is big news of itself, considering all the potential downside scenarios after Friday.  The big news is Elon Musk’s pay package.

There is also lots of buying in hot and unprofitable technology names, which really pours salt in the wounds of the bears who are hoping for a catastrophe this morning.

The market struggled last week, even before Friday, as higher gap-openings failed immediately on Tuesday and Thursday.  This could happen this morning as well.

Earnings season is winding down but there are influential names in the queue.

It’s been a huge earnings season, with blended returns of 10.3% (consensus was 4.9%).

And profit margins are edging higher.

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