Friday, March 6, 2009

Unemployment at 8.1%

The unemployment rate is at 8.1% and the number of unemployed people has reached 12.5 million, an all time record. The number was dismal but futures are up slightly-baked in? We'll probably have a better picture starting at around 2:30 PM. I could easily make the case for an implosion today and a complete capitulatory move on Monday (what I would love so we could start moving forward), or a huge rally today courtesy of short covering and massive quantities of cash on hand.

I will be posting my moves on Twitter, and as my Dad used to say, "it could go either way." Gun to my head-I'd bet long today. If the shorts are as exhausted as me, we could see a sweet rally. Good luck.


Salsaman said...

There's always Monday.

You know they just love to do that stuff so it will already be up 200 points before open.

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I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.