Yes, it’s that time of the month; we can all gather around the financial websites and biz cable TV networks [Bloomberg & CNBC], and come 8:30 A.M. sharp, we’ll get the math oracles at the governments “Bureau of Unicorns & Fairy Tales” to give us the monthly Non-Farm Payrolls [NFP] for June. Oh joy, as once gain we can learn how many waitresses and bartenders got those high paying “jobs” at Applebees, to push the U.S. economy thrusting forward. I, myself, with my own eyes, have seen the ads in the storefront windows, the sides of buildings, and on factory fences. Well, cheer up Lads & Lassies, cuz the government is here and they want to help.
“Proof positive there are plentiful jobs available in America!”
Just recently I came across some undergraduate thesis projects, which only goes to show the level of academic rigor now practiced at America’s finest Libtard universities. The level of straightforward logic and academic rigor is breathtaking; I see a bright future for this person as an analyst on Wall Street, or even better, a “talking head” on CNBC, cuz they definitely got “what it takes”.
“You do believe in the science of advanced mathematics don’t you?”
And like OMG for sure Dude, it’s a beautiful thing to behold, cuz all those recent indoctrination grads [a/k/a college grads] in Libtard Nation are having a tough time getting a good paying job with their “Transgender Climate Change” B.A., or the B.S. in “Ethnic Studies” [with a solid minor in “White Suppression”], and it appears [hard to believe I know] it’s kinda tough getting a good 6 digit paying job, with full health benefits, 12 weeks of paid vacation, and time off for protesting anything Trump. Well, whatever happens don’t worry, cuz Mom & Dad’s basement is always there for you!
Turning to today’s market … NFP is [trumpets blaring, the clouds part] …. 179K expected versus 222K … stock indices pop, then fade, and after the open it’s a chopfest with short covering rallies that evaporate as quickly as they start. Looking at the daily candlestick chart, today looks and feels like a “dead cat” bounce; more than likely there is selling lined up above 21400 - 21450 to make things difficult.
Again, forget NFP … it’s the “setup” that matters, and today’s setup to be blunt … stinks! … Market got “monkey hammered” into the close, and now opens higher and tries to go higher the next day [today] … this is a worst-case scenario for higher prices later today that you can dream up. It isn’t that it can’t happen, it’s the fact market history tells us it is very less probable, and is likely to disappoint if you buy the rally.
Of course, coupled with the fact the market is about 100 higher here in early afternoon, and a “vapors” rally from the central banks Sunday night most likely taking us another 70 higher, we will open up Monday like nothing had ever happened from 21500. And just like that … it’s soooooo easy when you got the CNTRL-P machine isn’t it? Who needs market action? Simply take it there on nothing!
Even outside of the fairy tales job report and into the trading day, action has been a nightmare; nothing but chop and M1 spikes, with totally nothing in between. One glance at the M1 candlesticks, and it’s obvious you can’t be long or short and not be extremely nervous; all it takes is for the SP500 to go 0.1 index points and the Dow30 lurches against you anywhere from 3 – 10 points, depending on where the scumbag LP has stops he wants to run … throw in slippage, and in a 7-10 point range, and you’re a guaranteed loser.
One trade today; really just a nothing burger 1 point profit. After I got long, the SP500 starts to rally and the Dow30 does nothing; when the SP500 stops rallying [2 full index points higher] I liquidate, simply cuz I know how this rodeo gets played; all it takes is for the SP500 to go down 0.1 points and the Dow30 LP drops the price quickly. Sure enough, that’s what happened, and off of that 20 point slide comes the SP500 straight up to a new high. Of course, the Dow30 gap spikes and it’s off to the races … since then, absolutely nothing on this “chopfest” NFP Friday.
Here at the close, this is one of the worst trading days I’ve seen in a while; a little song, a little dance, a little seltzer down your pants. Literally, M1 spikes and then nothing … rinse & repeat a couple of times… that’s pretty much the story. Sure, NFP always skews things, but even forgetting that, today wasn’t trading … it was gaps up/down with no trade flow at all. It’s Friday and summer time, and after NFP this morning, it looks as if many traders said time to go home … you really can’t read a whole lot into this day once the NFP report was out of the way. Onward & Upward!
PAMM spreadsheet directly below.
Time for the beach … me & the ice cream “king” dog are outta here … until Monday mi amigos.
Have a great weekend everybody!
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