Are the bulls about to roll over? You'd sure think so from the chatter on Wall Street.
By the end of the Friday's session, the S&P was sharply lower as fears of Mideast turmoil sent investors running for the exits.
Negative momentum prevailed, despite new economic data, which showed unemployment fell below 9 percent for the first time in nearly two years and the economy added 192,000 jobs in February.
Instead, investors were more focussed on overseas unrest with forces loyal to Libya’s Muammar Gaddafi increasing their attacks on rebel held areas.
Sure sounds bearish.
But an important item may have been overlooked amid all the Mideast headlines. It was the bulls who ended the week on top.
For the week, the Dow rose 0.3 percent and the S&P and the Nasdaq both gained 0.1 percent. It's a modest gain, but a win's a win.
How should you position now?
Instant Insights with the Fast Money traders
Fast trader Brian Kelly is bearish. He thinks the surge in crude may trigger the sharp correction that so many investors have feared. He’s watching the spike in gasoline futures which he takes as a sign that “prices at the pump will hit $4 in about 2-months.” And he says that kind of surge is like a tax.
To support his thesis he says if oil were not such a strong market influence “the S&P would have been up 20-handles" on the positive economic news, especially the jobs number.”
Pete Najarian is cautious but not bearish. He reminds the desk that oil has only spiked above $100 for a few days. Whether the price increases sustain is most important to Najarian. “If it sustains, then we’re looking at trouble.”