April 02, 2009
– Comments (7)
Apr 03 08:30 Unemployment Rate Mar 8.5% current est. 8.1% prior report
The Smartmoney will sell before the close today and buy the same shares much cheaper again in the morning after the big selloff occurs on the unemployment data scare.
I think anyone holding significant positions overnight is crazy these days.
Unless you have access to trade futures, I would not get caught long or short tonight, especially when it has been so easy to just fade whichever direction the market runs after the news.
it's crazy out there if you read the headlines. i did some query of data for the last month and i was even more surprise about the industry that was trending up for the last 1 to 6 months.
Apparel Stores are trending up for sometime and some since late November like HOTT, ARO, ANF, DBRN, etc. and they all ignored the bad news...
Click for the complete listing.
Out of all the days that I lost money, I lost a great deal mostly because I was in overnight. Its hard to sell when your already down 5%-10% on the day at the opening bell.
Thats why tonight is not the day to hold overnight.
IBD, why do you think there will be a big sell off in the morning? ADP said earlier this week that the job loss number was 750, the worst we've seen so far. The market largely ignored it.
its not that there will be a sell off. It is that it could go wildly in either direction and there is NO WAY you know which way yet.
Once 30 minutes go by in the morning, you will have a MUCH better idea...
Well yes, in fact it's not uncommon now for it to go wildly in both directions these days. I'm still wondering why there will be a sell off.