I’d love to lay the blame at the footsteps of Hungary and the fresh 4-year low in the Euro. There is no question that the drop in the Euro through 1.2111, then breaking below 1.20, and now seeing a low of 1.1883 in European trading was a tough pill to swallow. However, it was likely made worse by the fact that it was a Friday afternoon. We had a couple of days where the European negative news was quite and investors were hoping to focus on a bullish jobs report. They got neither. The upsetting employment gain of just 431,000 was well below the 536,000 anticipated. However, the census gain of 411,000 was at the higher end of the range of 350k to 450k. That means the disappointment was all in the private sector jobs. It wasn’t that the component data were so bad. The unemployment rate dropped to 9.7%, the number including part-time and discouraged workers fell to 16.6% from 17.1%. Average hours rose by 1/10^th and wages were up 3/10ths. What was missing was the sheer number of new jobs. The market would have been weak, but adding the drop in the Euro and it being a Friday, there was no reason to be bullish for the weekend. Volume was surprisingly light for a day down 3.5%. This week, the news calendar is very light, at least until Friday’s Retail Sales for May. Volume should continue to lose momentum. Technically, the averages are still testing the recent May low, S & P 1140, Dow 9774, and NASDAQ 2200. If “earnings” are to provide the good news, we’ll just have to wait.