If you scan the blogs and business media sites, you see a lot of folks thinking that today's poor unemployment numbers are going to guarantee more Quantitative Easing by the Fed come November 3rd, and hence believe that a floor has been placed under stocks with no place to go but up. That may end up being the case, but I'm not buying into it just yet. I took a modest short position on the SPY right around 116.80 in the last 10 minutes of trading, and will stop out on a daily close over 170.50. The 170 area should be a decent resistance point, so if we breach it and close above it early next week, it will be a sign that the bulls will likely take us back up to 1200, and I'm out with a small loss. And just for the record, I did day-trade the bullish move up today. Though a bear at heart, as a trader, you have to go with the prevailing winds, and today there were gale force gusts coming out of the land of the bulls.
Have a good weekend all. I'll be posting a number of articles over the coming days to help everyone understand some of the more serious issues that have been percolating in the media the past few weeks.
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