Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.

J. P. Morgan

"Sell down to your sleeping point"

Wednesday, January 2, 2008



There is a comment, and IMHO, the ADP report was Nullified by the bad data last month, with it being off by 50%. Either Up or Down, it will largely be dismissed. Today's sell off is more a factor of the bad news we have had for 2 weeks.
a 70K number in employment is right at that sweet spot, Lower and there will be that great "Fed will cut a full point" debate.
My bet is 60-70K jobs.....
The Dow has set a lower low, and we should see a test of 1435ish on the S&P.
Somewhere we should get a small bounce before we test the November lows.....
Remember, I'm frequently wrong!!!!!

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