Thursday, June 3, 2010
Nonfarm Preview
I am not going to come up with any forecasts but I've noticed that nonfarm payrolls usually mark a short term top or bottom. Since we are heading up into the report, it is more likely that we form a top on the number than continue to trend higher. My gut tells me we rally when the number is released. I will look to sell a pop on the jobs number tomorrow.
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4 comments:
I think we head to 1140. I think market wants to create the right shoulder in the head and shoulder.
I guess we didn't want to bust the SPX 200 day SMA today.
Very good numbers are priced in already - why should markets go higher. Also we have huge huge resistance above (200d, 20d, falling TL, horiz. TL) all crossing tomorrow. I would pick the first option ... "mark the top". Jammy.
Case of immoveable object meets irresistible force.
Yeah and bulls always have more firepower and greater numbers. They'll smash the 200 day and have bears scampering for cover and thus regain control of the hill.
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