It's day two of our Philstockworld Las Vegas Seminar and we had a great session yesterday. It's 4am and I'm scheduled to start today's session at 6 so I'll keep this short and sweet. I already put up a note to our Members this morning to watch our shorting lines on the Futures and there's no mystery to WHY we are shorting after Friday's $5.2Bn POMO pump-fest.
This entire week, there will be just $7Bn of POMO so NOW we'll see how real this bounce-back is. Oil (/CL)doesn't seem to think the rally is real as it languishes at $94.25 and gasoline (/RB) is barely holding $2.55 and gold isn't buying the easy money story either, after collapsing from $1,310 to $1,285 on Friday's jobs report. As Dave Fry notes:
Just when you thought a correction was at hand the news wires picked up some strange spin. Investors glommed on to some strange items. First 205K new jobs were created which seems good. How does one interpret “good” is the challenge currently. The unemployment rate inched higher to 7.3%. Nobody cared about that so the focus quickly returned to table-pounding bullish pundits who focused on how bullish the job gains were. But were they really? Let’s see. Most of the jobs are part time. Full time jobs fell by 623K. (Hmm, this doesn’t sound good.) Worse still the labor participation rate increased to 96.6 from 96.2. That doesn’t seem like a lot but it is—930K people.
Later, Consumer Confidence dropped to 72 vs 75 exp & prior 73.2.
…
You must login to see all of Phil's posts. To read the rest of this article now, along with Phil's live intra-day comments, live trading ideas, Phil's market calls, additional member comments, and other members-only features - Subscribe to Phil's Stock World by clicking here.
To signup for a free trial membership, click here.
