Today’s ADP Report (this is the other employment report) showed growth of just 40K jobs for December.
I expect the BLS employment situation (out tomorrow morning) to also show weak growth, but my hunch is it is much higher, around 100K.
If the employment situation is not unequivocally disasterous, I think the markets bounce, or at the very least, stabilize.
I say this because an indicator I’m testing just hit the most extreme level of short-term oversold for as far back as I’ve tested (through August of 2007.) It is still in development, so take it for what its worth.
Should the indexes fall hard tomorrow, there is the possibility of a test of November lows.
I’m having a hard time selecting charts tonight as everything that is weak is too oversold to short, and everything that is strong is at a perfect buy-the-dip point. Something does not feel right about any of it.
RAD is an awesome stock, no?
I think charts are all gay because of the light trading over the holidays. Perhaps a washout would help that, August 16th style yo.
Wow, I had not looked at RAD since it failed me in reaching $5. Holy extreme suctitude, Batman!
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As far as volume…my thinking is that only those who participate in the markets can actually set the market direction. So even if the majority sat out the holidays, the market action was still valid for those who participated.
And, as Woodshedder pointed out a few posts ago, we resumed on ‘full’ volume right where we were left off at before the holidays. So the still active participants just continued the triangle trends seen in the indices.
Odd, no?
not a bounce worth playing or covering in your average fucktarded stock.
The Monsanto’s will continue on their path to the pearly gates & the MBI’s & LIZ claibornes will continue to burn in hell, aside fm creating better short entries.
I don’t use short term indicators during election years. The FED and the PPT tend to SMOO the market at the most unexpected times. If you look at the T2108 indicator it is half way between overbought and undersold. There is a long way to go on the downside yet. Keep this in mind after the jobs report.
THE WOODSHEDDER TOP
Jobs data was unequivocally horrible.
All indicators will be oversold after this, but there will likely be more selling, anyway.
The key indicator for the next move up is the stocks in China. They have become a leading indicator. They have government programs for infrastructure projects. They are not affected by intrest rates. To them business is a war to win. Don’t believe the hype!!! [PUBLIC ENEMY]
woodrow – hope you’re banking some short coin today, you can now forget the plastic shower curtain and get a proper glassdoor for that shower of yours
THE WOODSHEDDER TOP has been good to me. I am truly banking serious coin for the first time in months, but then again that is what 75% short will get you.