A really ugly February Jobs Report (-63,000) is resulting in a down open.
On top of that, the Fed stepped in before the Jobs Report announcing an increase to two upcoming Term Auction Facilities (TAF) from $60 billion to $100 billion total and the initiation of a series of repurchase transactions that are expected to amount to $100 billion (FOMC Statement).
Both of these data points pave the way for a nasty selloff. The latter because it suggests the Fed will not make an emergency rate cut – which is the only thing that could result in a snapback rally.
What I want to see is indiscriminate selling on high volume, a test of the January lows and a palpaple surge in fear. That will result in what I think will be a good buying opportunity. So far (Dow: -63, S&P: -8, Nasdaq: -11) I’m not seeing it.