I guess there is that point where bad news is good news.
598K
December revised 570
wages up .3%
REAL unemployment 13%
Interesting Oil continues to slide....
All of this is good Until Harry Reid decides that he will play chicken between congress and the market. ("Woe is the market, if we don't pass stimulus")
Santelli says futures are positive because it gets the market Candy.
Friday, February 6, 2009
wow NFP
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Maybe it's all factored in... Armageddon, that is.
That would explain XLP's poor performance vs SPY the last few weeks. Growth stocks seem to be the place to be and that could be because of the pending stim pkg.
My gut tells me not to trust this as a breakout in the QQQQ. We're still bouncing along and could still capitulate.
This move is basic resources and banks.
Utilities weak.
nervous that this move will be New movers, and not the old ones.
but.. have some faith..
mrvl looks good.
Now that we broke 85.50... we just want to see a pull back defended
Do we pullb ack at 11 est?
I would say chances are good.
but... I'm having a hard time reading it.
the lack of follow through and just flat trade is ....
well it lacks momentum...
RIO, baby. Did you get some?
and freeport.
not sure I want to play with the Harry reid crazyness..
I totally back some of the republicans. Way too much garbage.
If they had just come in saying... we just want to cut the nonsense out of the bill... and not all that "tax cut" nonsense....
beav is the one I missed
So... Do you sort of understand how we.. broke out of the Pennant, and that was the "Warning" on some kind of move.
We sort of had a downtrend yesterdy, but it was outside the pennant. but when we broke out of that... it's game on..
and yet... still we want to see strong volume to confirm the upmove... or.. we will retest.
After the fact I see the peeking out of the pennant... and looking at it again now. Good call.
This is all covered in T-lo's stuff.
But as a rule of thumb.... Breaking the trend line isn't segnificant..
the market should bounce off a valid trend line...
the warning is if it "Follows the trendline" like it did yesterday..
Then you want to watch for the break.
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