Serious "realistic" damage done today to the bull case as unemployment soars to a reported 10.2% well above the analysts 9.9% estimate. Remember, the market is up over 3% this week in anticipation of this report.
This is highest since 1983, but who knows the bulls will find some silver lining to bid up stocks right?
Oh - and for those playing along at home the "Adverse Case" unemployment for 2009 used in the Bank Stress Tests was 8.9%. Ooops...
Anyway, let's go buy some stocks because we must have finally reached a bottom and economic data only matters when it is bullish, right! That's the way the bulls have played it and they have played it well as shorts get chewed up again and again... when is the longs "day of reckoning" - i would say we are not too far away.
oh and by the way the U6 or full unemployment rate is at 17.5% - giddyup!
Posts
7 hours ago
surely the bulls will at least close the gap this morning, right?
ReplyDeleteafter that we will get a sense of who has control
eco data tells you we should give back all of yesterday's gains, but action says we could break yesterday's highs. i am apt to sit in my positions and watch.
gld actually made a new high premarket and is green - something to keep an eye on
well that was a quick reversal
ReplyDeletei knew the longs would try this - now either shorts fight back or the market gets nuts again
bulls looks too strong today - don't see a sell off coming here, despite the awful jobs number
ReplyDeletelongs have held it up long enough the the market could start melting up as shorts give up and momo takes over
i am not looking to add to shorts today
technically, under OBAMA no one will ever really be unemployed... you just have the "job option" "work" for the government and to do nothing and get paid (unemployment checks) into perpetuity...
ReplyDeleteseems like market just holding before the short squeeze rip later in the day
ReplyDelete