{+++}It was a tragic day for the bulls and for the Pollyanna’s that think things only go up. The market has been sending stealth subliminal signals that it wanted a rest and it took one today. The ADP employment number was a mind blowing disaster and the ISM number was ugly as ugly gets. Housing is shaking like a heroin addict in need of a fix and Europe continues to entertain us with their antics. Investors are running to the bond market for safety and the 10 year note broke 3% for the first time in a while. Not good for stocks.
This will eventually wear off, it always does, but the next psychological level to watch for the S&P is 1300. We actually had a damn good day today whilst all others were jumping through the gates of hell. I love when that happens. Anyone can be a bull market genius, it’s what you do when things fall apart that matters. Way too many Pollyanna’s out there lately.
Please look at the P&L tonight for any stop adjustments as I have made some tweaks. Things could get hairy over the short term so get your rest.
No new positions tonight, if anything looks interesting later I will shoot you guys an email.
