Friday, July 8, 2011

Big Win for Bulls Today

I tweeted this morning around 10 AM that if the market was not so overbought (+7% in a week and a half) that the indexes would have a good chance of going green today. 

fundmyfund: Mild selloff. If the market had not come in so overbought I'd think we could go green by end of day as 2nd half recovery meme dominates. $$

No one was selling the Apples or Netflixes and really less workers = more corporate profits (woo hoo).  Just remember Main Street = Wall Street only when Wall Street needs a bailout from Main Street - otherwise increasingly there is less and less connection, especially in the multinational group.

I'd consider today a huge win for the bulls as this selloff was barely a glancing blow, considering how pathetic the employment report was.  When markets shrug off bad news, that is very bullish.  Wall Street is anticipating another "better than expected" (wink wink) earnings season and it appears the macro is just details for now.

Scary stat of the day: Canada, 1/10th the size of Cramerica, added more jobs in June than we did.  And I don't believe Canada has the birth death model to boost their figure by a 100-175K here or there (or nearly every month).

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