The Bounce

What is making me uncomfortable about the long side is the number of bounce players who still have not given up. Yesterday's reversal is actually not a good sign for today's close. I still believe we will go higher next week but I expect there to be a little shakeout today. The jobs number will likely be fudged higher by the BLS. It could still be bad, but it will be better than the current reality of the jobs situation. The revisions for last year's number was huge, which means they were fudging the numbers up the whole way last year and kitchen sinked it later with a huge negative revision.