We FINALLY saw the stock market take a step back after a seeming non-stop 5 month rally. Many investment commentators point to the Fitch ratings downgraded of US debt as the primary cause. However, if we are being honest with ourselves....this self off was long overdue. The Fitch announcement was just a convenient excuse to hit the sell button for a while.
Friday was an interesting session worthy of note. The Government Employment Report seemed like a Goldilocks announcement. Not too hot...not too cold...just right helping the S&P 500 rise nearly 1% early in the session.
