Tomorrow is the employment number which will stink up the joint. But the market is hovering near the top of the range and not gaining any downside traction. Therefore the bad number is built-in and there can only be a positive surprise. So nobody expects a sell off. Any upside would be the only surprise, but good news for the economoy is bad news for the market.
We are hovering near our target of SPX 1120 and I want to get OUT OF THE WAY of the number.
We are lightening up.
SELL:
Century Aluminum Company [[cenx]] near 14.00 over 21% gain.
Goldman Sachs Group, Inc. [[gs]] near 162.50 a 9% gain.
Oceaneering International [[oii]] near 61.70 a 15% gain.
Trades to be run near 2:45pm EST…(Forget it, I’m out 1:30pm)
Stay long:
L-3 Communications Holdings, Inc. [[lll]]
Hudson City Bancorp, Inc. [[hcbk]]
Kulicke and Soffa Industries Inc. [[klic]]
Telecom Corp of New Zealand (ADR) [[nzt]]
Short eBay Inc. [[ebay]]
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Scott,
How much of your port is in cash?
I’ve been 100% cash for the past few days waiting for this pull back.
Probably overly cautious.
We are going to create an official porfolio which will disclose allocation.
consistently great stuff.
Sweet trade on CENX. He stuck with it, which is the hardest part.
thanks. yeah, but I’m not comfortable enough to wait for the 14.50 target…close though…
Nice picks! Well done!
Scott, (and Fly) – Is it really that simple? I’ve been thinking about lightening up for a couple of days ever since Dr. Fly became more cautious, and thought about it some more when the PPT went over 3.0. It seems that is the “easy” trade, many at least here seem to be cautious, especially the chart readers. The Dollar seems to directing the show, and today it’s up and the market isn’t selling off. What am I missing? [rhetorically speaking].
There is NO DOUBT that the market doesn’t want to go down when it should have already. But we will encounter major resistance just overhead. My bet is that there will be a pullback to the 1090-1100 area which will be a near-term buying opp…
Thanks Scott. 30 points down I can handle. I guess it’s a matter of degree. I never expected we would go up this far, but neither did I expect we would have gone down to 666. This market definitely has a freaky quality to it.
What do you thi k about the jobs number Scott.