The non-farm payroll data this morning showed a loss of another 20.5M jobs. That is a huge number, but the market continues to discount the bad jobs data as if it is just a temporary phenomenon. The indices were trading at their highest levels since 4/30 leading up to the news (the Nasdaq actually achieved levels unseen since late February). The number did lead to some profit taking/outright selling, but I think you have to be impressed by the market’s ability to hang in there. Who would have thought the Dow would still be up 250 following a number like that? Sentiment continues to be bearish, and I think that needs to approach more neutral/bullish levels before we see any kind of major correction. Even then, I believe the lows are in. The Fed is throwing everything they can at this market. We can argue about how effective their actions will ultimately prove to be, but the market certainly seems appreciative thus far.