White House noted that a 5.1% unemployment rate is below the averages for the past three decades. The problem with that is the shrinking work force down from 64% to 62% since the late 1990s makes that 5.1% bogus
it's not whether the numbers are good or bad, but how does it differ from the MARKET EXPECTATION. The market already expect a horrible number, so it is inline with expectation. With the current bullish sentiment and technical, we are looking at another rally sometime next week, and then maybe a trend reversal to the downside again. We are definitly still in a bear market / downtrend, but short term (next week or 2) the market is bullish.
How about sending all the doom and gloomers to an undisclosed location in the Pacific, tie them up to Palm trees, and feeding them raw coconuts, and take away their Nikes, Ipods, Starbucks and Pizzas and torture them with positive news blaring on the Island. Let them become some kind of survivalists if they donot kill each other with negativity.
1/SPX is forming a nice bull flag after a major move. 2/SPX's 50 day moving average is rising. Market is going up with or without the " imaginary recession". The rising 50 day moving averages will become support levels should a downtrend starts and needs to be broken down before market slides down again. Most likely market will bounce off that frustrating shorts and perma bears into a tizzy.
I agree that fed actions are a huge part of the reason we didn't tank on those employment numbers. I think the fact that we did not tank suggests that, for Friday at least, the market figured ~ "Well that is as bad as it will get" - or - "Things can only get better from here on out". Just my opinion. Here is a weekly chart of the S&P 500 Index: http://tinyurl.com/6ztkvo The S&P is at a formidable resistance area and has failed the last 6 attempts to close above it, (the 1370 resistance) on the weekly chart. The long trend uptrend support-turned-resistance (green line) has proven itself a formidable resistance the last 5 attempts (on the weekly chart) to penetrate it. For the last three weeks, SPY price rose on declining volume. Could go either way from here but seems like its a good time for a pull back before going higher IMTO. That being said, sideways action the last three days had a slight upward bias with higher highs and higher lows, as shown on this 30 minute chart: http://tinyurl.com/5te6qg All the above is just FWIW As always, DYODD and JMHO! Steve
hey 'hedfeundtrader2' my ass you are a hedgefund trader. you sound like the biggest piker. you belong on yahoo finance. I can only imagine what kind of cornholio you must be. Imaginery recession? nothing imaginry about it. sound like you are one of the pikers who bought a home and it's value is dropping faster than lindsay lohan drops her panties for a bartender. This turkey market is gongi down (like lohan on the bartender).
So, everybody should buy R.E. again, right? And how's your mortgage business going, mr. intellectual?