The Non farm payrolls data comes out tomorrow. Consensus is a loss of 120K. Briefing.com est is a loss of 106K. More important number is private payroll data with briefing.com estimate that 10K jobs were added.
What makes tomorrow’s move hard to predict purely based on macro data is the fact that both bulls and bears can each argue about their position. You know all about that, as countless blogs and tweets have already mentioned – QE or no QE. Of course, if the data is super good, which is not likely, bulls win the argument for the time being.
I am currently p0sitioned for moves in either direction. I lighted up quite a few longs today. I know that most on this site are pressing their longs. Not in vehement disagreement with them, although my study posted in prior article suggests to be careful. I am letting a few longs ride. Having said that, it would be stupid of me not to take some handsome profits off the table. That is what I exactly did today.
Also I took one short position. I used The PPT seasonality tool and an existing user screener to screen all stocks that typically experienced a down September month with overbought signals. Then I went through each to find out which ones had the lowest short as percentage of float, just to ensure I don’t get caught in a rocket surge should the market go ape-shit upwards tomorrow. I finally chose KKD (Krispy kreme). I took a nice short position and will let it ride.
Any trades I do tomorrow will be posted close to real time on Twitter as always.
– StocksRider
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Seems to me like every other day there’s a new “BIG REPORT” coming out. I’m started to suffer from report exhaustion. When they finally end, a new round starts…
I hear you! I see that the market starts using macros as their major catalysts during uncertainty. As long as uncertainty prevails, macros will take importance. Also, it is kinda seasonal. Just a month ago, market was more focused on earnings as its catalysts.
Number’s in the market. Job market sucks. Economy is slogging along. Time to move on. We still go higher from here.