We are right around resistance on the ES, and this jobless claims number is setting up a gap and crap scenario. We've got too many gaps that are left unfilled and I can't imagine this one gapping up and running away. If it doesn't run away, it has to go down. I am not very bearish on the market, but I am nibbling on shorts here for a daytrade.
I faded it too and made money. 451 K in job losses is a pleasant surprise, but 451 K in job losses is not pleasant.
ReplyDeletetoo many bearish retailers out there ... not good for the bears.
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