If you bought high beta growth this morning, in the hopes of catching a nice 10% rip to the upside, you caught an ax to the face instead. I was sitting in my office, lamenting my position, trying to figure out–FOR THE LOVE OF GOD, how to escape this tragic nightmare I find myself in. I gathered up my courage and crafted a portfolio of stocks that I felt would yield between 3-5% over the next month, then I got cold feet. It’s a good thing because this market is selling off into tomorrow’s jobs numbers.
If the jobs numbers are weak tomorrow, coupled with the fact that the Fed is being led by an old seahag, kiss this market goodbye, for it will drift out to sea, doling out egregious losses along the way.
If you are having a decent year, play the jobs numbers and do it with style. If you’re like me, hard core loser, down 32% for the year, you might want to pick a better spot to gamble.
Breadth stands at 42% and TLT is through the roof, hardly a bullish scenario to behold.