Good Friday; Bad Reaction

With U.S. cash markets closed today, futures took a dive this morning with the jobs number missing expectations by a mile...or twenty. What is interesting is that we are seeing a "bad report, bad reaction" for the first time in a while, with the market not rallying on the "bad is good" idea, at least for now--I recognize we have a long way to go between now and Sunday night futures/Monday cash session. 

At this point, though, I think it is safe to say that a June rate hike into weakening data would surprise the majority of market observers and players, considering how many calls there are now that the Fed simply cannot raise rates into this data. 

Fortunately, for us, we can focus on the actual action in the market and take it from there. 

On chart of the S&P futures, below, note the significance of the 2040 area, likely needing to continue to hold as firm support in order for bulls to keep this pullback contained. 

I continue to lean bearish, but focused on individual stocks mostly until I see more evidence of a deep correction. I am short CP LUV MA at the moment, for example, and have gold miner and natural gas longs.