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The market took another flogging today in front of the non-farm payroll number tomorrow. The market is in classic “good is bad and bad news is good” mode right now. A hot number tomorrow means the Fed tapers earlier, a crappy number means they get all dovish and sit on their hands. It’s tough to trade when these jobs numbers show up on the calendar. Obviously the market has been taking profits all week just to be safe.
My gut says the number won’t be hot, because I don’t see any evidence at all of big hiring. I think we’ll see many part time jobs though. I’ve been wrong before. If the number is bad, expect a ripping rally.
I tightened up some stop tonight as a “just in case” measure.
Here were some dollar winners today.
Here were some dollar losers today
Bottom line, the SPX is only off about 25 handles form the highs, healthy and we needed it. I just wish I was all cash this week. Wuda cuda shuda.
BIDU made yet another attempt to break out of that inverse head and shoulder neckline today and failed. I think it will get the job done in a better market.
Have a great night and I’ll see you in the morning.