The initial headline of over 400,000 jobs being created appeared to be a positive for the market until it was learned that most of those jobs were temporary census workers; that news coupled with a new debt crisis emanating from Hungary, sent the futures spiraling downward. The S&P 500 closed down ~3.5% and while it was a bad day for us as well, our hedges were a big help in limiting our losses to < 1%. As stated before, I still believe this is a short term correction (defined by a drop of less than twenty percent), but we’ll have to wait until Monday to see if we can turn this thing around. Here’s hoping.
