Jobs report came out this morning which was terrbile. 91,000 vs 100,0000 expected. STILL the market is up. Futures are up >1% already. WTF?
Someone mentioned that earlier. It could be done, but the effects would probably not be something we'd want to do. Get rid of the Fed and replace it with a computer that controls interest rates. The dollar would strengthen significantly, and who knows where gas might go.
Milton Friedman proposed that 30 years ago, sort of. He wanted the computer to control the supply of money.. and increase it at the rate of population growth. Then, "let capitalism be capitalism".
You believe that nonsense? In any case,you should leave her out of trading discussions (or any intelligent discussion for that matter).
Chicago PMI at 56.5 in August Vs. 58.5 in July (store developing) -------------------------------------------------------------------------------- Depends on how you read the market. IMHO, The rally of Monday was a gift to get short into the close and hold. Tuesday's action was non-event and not time to cover. Today's event is good to short into. Building a nice short position into the weeks ahead is the Best Risk/Reward IMHO. Employment numbers, depends on how you read it. We are 3 years into 400,000 as the norm for losses. Now the "Private" sector puts in 90,000 and still missed estimates....4 years into the "RECESSION". Economy has not change, things are definitely not better for the average home, lowest consumer number since 09, no JOB CREATION ideas, OBAMA is a clown and his administration is a joke, Congress is a fucking mess and Ron Paul is bringing up Key issues on Main Stream Media that many Sheepole can't handle and the truth is slowing leaking out. So, daytrading, is anyone's call. Swing trades or longer term trades......IMHO....risk/reward is on the Short side. This is just the calm.....before then next storm. Writing is all over the wall. However, Volatility will still be around and you have to be able to handle the moves against you with out margin calls.