Friday, February 06, 2009

Bizarro world stock rally...

Just an update - the jobs number was awful, but we expect big things from Washington over the weekend so up we go --- yipeee!!

Remember, traders were going to buy the market once things held above 8,000. It probably can run toward 9,000 but many traders will start shifting to the short side along the way.

1 comment:

RWiley said...

On the short term:

Unemployment means cheap labor, people willing to work for nothing. Unemployment means union concessions, salary cutbacks. Unemployment means increased productivity out of fear of job loss. Unemployment gives the advantage to the bottom line.

A day trader's dream. But, be careful of tomorrow when the unemployed stop purchasing.