Market Shrugs Off Gross Jobs Report

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

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About Scott Redler 367 Articles

Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader.

Mr. Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Mr. Redler moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, continued to trade actively while working closely with all traders in the firm to dramatically increase performance.

Mr. Redler has participated in more than 30 triathlons and one IronMan, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business, Bloomberg, and he is a regular contributor to Minyanville and Forbes’ Intelligent Investing blog. He has been quoted in the Wall Street Journal and Investor's Business Daily, among other publications.

Scott received a B.B.A. in Marketing/Finance from the State University of New York at Albany, graduating Magna Cum Laude from Albany's School of Business.

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