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Momentrix View of the Markets-Friday June 3, 2011

Friday June 3, 2011- The market continued its downtrend today, finishing down almost 1%. A very bad jobs report, much worse than expected, highlighted the trend of very poor economic statistics not only in the U.S. but around the world. Many investors’ couldn’t wait for the closing bell as the holiday shortened week was long and tedious. At this point there is little to stop a sell-off to the 200 day moving averages for all the major indices. Negative sentiment and a majority of the market participants being defensive is a necessity for a significant bottom to be put in. These elements do not appear to be in place yet. Next week is probably going to open in a tough way and we could see more of the same. We are scouring for reason’s to be more optimistic but have yet to find any.