Jobs Data at 8:30 was gross no matter how you look at it. It’s unfortunate for those looking for work and can’t find it. Pertaining to the markets, though, it seems like if it’s good, it’s good, and if it’s bad, it’s OK because it strengthens the case for further QE. That’s what they call the “Bernanke Put”. We have no control over this only how we approach it, we only analyze the price action.
I would not expect a repeat of a day like yesterday as it was the classic Gap and Go that broke us above the upper range. We ignited right through 1415 and 1422-1426 was not much of a fight either. This opens the door for 1450-1470 come year end. Over the next few sessions we will probably be a bit of back and forth as we need to do some work above 1426-1430.
Gold and Silver shot up after the number giving those long nice follow through. I got a ton of e-mails/questions about it yesterday.
Since it wasn’t leading the charge. Everyone needs to know the difference when things are just a hold/digesting. Vs. a short. Some guys “Shorted it Yesterday since it didn’t close on the highs (Ouch)… But coming in with less gold today made sense as it just had a major move since the August 20-21st ignition.
Intel preannounced which has been widely expected. It’s been showing relative weakness for weeks. If it can hold $24-$24.20 it will be considered a nonevent. It probably tries to go positive at some point-
FDX preannounced and closed higher then when it announced the news on yesterday’s close. (Just saying)
Leading Sectors/stocks did what they do- Lead—XHB RTH QQQ to name a few yesterday.
The banks played catch up as we GS lead the way Wednesday then JPM played catch up yesterday.
I do think if you want to try and be cute- GS is a better short from 114-116 vs. buy the first time it gets there. But look at the guys trying to be cute with commodities yesterday.
GOOG is 700 plus- Congrats to macro longs—It won my “Race to 700” over AAPL.
AAPL is holding tight and needs to clear $580-$581 in order to get some momentum. Not sure if it can do it before or needs to wait till September 12th Iphone 5 Release. AMZN is a new highs – trim and trail..
Disclosure: Scott Redler is long AAPL V JPM GLD FB LVS. Short SPY Short GS