Today's headlines show that economists expect hiring to have improved significantly from May, when the economy added just 54,000 jobs. The consensus forecast predicts only 90,000 jobs were added in June, according to a survey by FactSet. But a batch of strong economic data this week has inspired some last-minute upward revisions. Many economists now estimate that employers added at least 120,000 jobs. And some are predicting as many as 200,000 net new jobs for June. The unemployment rate is expected to stay at 9.1 percent.
Yesterday's session began 10 plus point gap up, there were no significant dips intraday and buying remained steady through out the session and we ended up near the highs of the day and more importantly above resistance. We had 80% of stocks advancing and 19% declining.
Breadth had been absolutely fabulous, MO is overbought and the MSI has moved into bullish territory. We have now had 6/7 up days and big ones at that, expect this to be a fade the good number type of situation, the indicators are now setting up for a pullback, especially the MO. In retrospect this rally was most like in anticipation of a good jobs number. The big houses get the information and game the markets and if you don't think the game is rigged you better get out of this market.
Evidenced by the recent JPM settlement over muni-bond fraud, I wonder how the screw ups at the SEC had the balls to bust the FED fav JPM don't they know about Bennie and the Diamonds relationship, how dare they. If you or I had done what JPM did we'd be in jail for a hundred years, whatever! No one really cares, status quo, right. In any case, what reason would the stock market have to rally, QE perhaps to be announced soon, who knows. Play with the cards dealt friends.
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