Trade Setups for June 4, 2010
Unemployment number is out and it really, really stinks. Now we all know that Obama is going to grandstand about how "his administration's efforts" has led to a 0.2% decrease in unemployment number, but lets quit fooling ourselves - the number dropped because we are counting those ridiculous Census jobs, that will be all but gone in a few months. The Labor Department stated that payrolls rose 431k as the government hired 411k workers to conduct the population count. Without the Census we'd have 20k plus jobs. Analysts had been expecting 513k. That, my friend is a huge miss - and the market is showing Obama and the incompetent Congress exactly what it thinks of their efforts.
Things could get really bad out there today so be careful with what kind of new positions you enter into, and don't discount the fact that today's morning sell-off could be a bear-trap. I've got no idea what to expect from today's market session, except that it will be a wild-ride.
Here are Today's Trade Setups...
LONG: IDT Corp (IDT)
SHORT: Investment Technology Group (ITG)