Normally, this time of year is good for the market. You have portfolio managers making end-of-the-year moves, you have a global economy continuing to recover, and in the short term, you have some relief that there was no terrorism attack over the holidays.
We had a brief correction for a few days with some early tax-selling and some portfolio managers wanting to take profits, but we're back on track today.
It's been a bad week, the second down [one] in a row. Everything good, from earnings to economic news, has been ignored by the market and instead the negatives -- the terrorism reports, the dollar -- have been what's in focus.
In retrospect, the number is what Wall Street wanted. It's strong enough to suggest the labor market is starting to improve, but it's not so strong as to create worries that the Federal Reserve will need to raise interest rates sooner rather than later.
It remains a great environment for stocks, with a strong economy and interest rates staying low. But you're still subject to this kind of sideways trading for the time being.
The market went down almost four weeks in a row in part on the February payrolls number with traders saying the economy is good, but we have no jobs.
I would expect a strong payrolls number Friday, and for the market to have some sort of positive response to it, even if it's just very short-term.
I think overall the perception is that the payrolls number is OK, because at least the Fed is now going to stay put on interest rates.
There's a lot of optimism about the earnings due in the next few weeks, and right now that's concentrated in technology, with people feeling upbeat about tech earnings and spending, which is why you've been seeing the Nasdaq perform a little better than the others this last week.