Good morning traders! We need to sit pat today and let our winners ride out what will likely be a strong storm today. We get the all-important new jobs number out this morning. Consensus is for a higher reading than last month and anything in that range or lower should be welcomed by traders concerned about an inflating economy...but any higher and we may see the markets do a steep dive. The charts are poised to go either way here with a slight technical leaning to the long side. Futures are down ahead of the number but that may all change by 8:30 am, EST.
Yesterday's modest rally was built on gold, oil and biotech...but again volume was below average making it 14 days in a row with light trading. That should all change today as professional money steps up to position itself either for the next leg up, or another leg down. We should know which by the close of trading today. If down, it may not be a bad idea to use one of the new "ultra" ETF's to put on a hedge position against our open longs (QID is a good one to use).
Other stocks to consider: (longs) FWLT, FCX, RIG; (shorts) ATHR
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3 comments:
Greetings T.C.
I wish you success with your new blog. As always your generosity with sharing your market thoughts and stock to look at is very much appreciated.
Thanks, laser!
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