Thursday, September 3, 2009

Another Ugly Reversal

HAL9000 seems to have switched teams. This is now a week's worth of "sell the news" rather than "all news is good news, buy it". Added some [index, i.e. SPY puts] short exposure for the day unless we reverse back up to new daily highs

... keep in mind the lemming report (employment) of the month is tomorrow in which frantic traders will move the stock market based on very faulty government data. At this point there is no reason to hire anyone, when you can cut your way to prosperity and shovel as much money as possible to the top honchos in the firm. Employees only slow that process....

Expect a lot of sitting on hands until 8:30 AM tomorrow; this report has replaced "fed day" as the #1 knee jerk reaction data point.

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