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On to charts: Markets looked to be close to breaking support after Friday’s disappointing jobs report. But no worry. The Fed was on it, this time with soothing words from the Fed’s Dudley that hit the wires:
FOMC Dudley: Must monitor if jobs report foreshadows deeper slowdown.
Translation: No rate raises. Rally on.
And so the auto pilot program continues with soothing Fed speak whenever needed:
$SPY rally days: The FOMC chatter factor remains the the biggest driver of price. pic.twitter.com/3uNaoVq5Jj
— Northy (@NorthmanTrader) April 6, 2015
The simple message: Unless something breaks in the structure things will remain the same.