“Buy on the cannons and sell on the trumpets” is an old stock market “saw” that has stood the test of time.  Plainly, we recommended “buying on the cannons” the first week of March; and, evidently participants heeded the second half of that axiom last Friday as the much better than expected employment numbers sparked a moon-shot opening that saw the Dow dance 180 points higher in the first 15 minutes of trading.  From there, however the Doleful Dow was “sold” into the end of the session.  That caused one old Wall Street wag to exclaim, “Up mornings and down afternoons is not particularly good market action.”  Not good action indeed, for Friday’s trading pattern smacked of what a technical analyst would term a “one-day downside reversal.” According to Bedford and Associates:

“The one day reversal is the starting point for most reversal patterns.  After an extended rally the stock gaps higher at the open to trade at a new high on a positive news announcement.  As the session proceeds volume expands significantly but by the close the entire rally disappears and the stock closes lower.”

….read more HERE.