The market is rocketing higher in the last minutes of trading. Of course, this advance has been driven by this week's constant barrage of positive news. Wait, based on this week's news/data, I would say there's about a 99.9% chance that we're heading back into recession. If I had all of this week's news on my desk last week, I would have bet that the market would be down 5%+ for the week. The market is forward looking, right? Well, looking forward, things aren't looking so hot... [more]
...and BP is getting set to cut their dividend, while Obama is trying to put them out of business, etc... We'll end the week below Dow 9,800.
This is a stupid prediction. Don't trade based on it. You're probably more likely to make money if you do the opposite.
Lawmakers consider home tax credit extension [more]
...if it doesn't first tank on Thursday. There's a chance that the market will blow through the 200-day in early trade tomorrow and we could see another huge up day, or we could see the market meet resistance and have a huge down day...or it could stay level, who knows? In any case, the reason I'm worried about Friday is because I have never seen an upcoming unemployment report hyped as much as we've seen over the last couple days. Everyone seems to be expecting this to be the best piece of news in years...even as it's acknowleged that the number will be inflated by temporary job gains that we know for a fact we'll be losing shortly. Whether the report meets, exceeds, or falls short of, expectations, the market could sell off on the news...especially since there's still a lot of uncertainty out there and we'll probably see selling into the weekend no matter what happens. [more]