The SPY was down 1.5% for the week and the market fell for the second straight week to close at $207.50. We are now 2.1% off of the closing high of 211.99 on March 2. The big hit to the downside was on Friday as the SPY was down 1.4% due to a positive jobs report.

Non-farm payroll increased by 295,000, which was 60,000 more than expected. Yes, that is good news but in the world of the stock market good is often bad and bad is often good. The worry is that this might push the Fed to increase interest rates from their artificially low levels sooner rather than later, as in June rather than September.