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07-28-10 Stock Traders' Recap and Plan: Stay the Course, i.e., CASH until Jobs Data

by Patrick Hoog More from this expert: Articles Blogs Videos
Posted 2010/07/28 21:21:00, 0 Comments

If you've been reading my posts, not much to add. We spent most the day in CASH and rooted for SPX 1093, technical support. I don't know if we get there. But I have a good idea of what will decide:

The Initial and Continuing Jobs Claims #s reported @ 5:30am tomorrow. Enough said? Are bad numbers baked in? Probably not. We are still up, what, 8% from SPX 1010? This market is extremely data sensitive. Tecnicals are meaningless when the data comes. So, we stood aside in CASH as we drifted lower since late Monday, and we tweeted our hearts out to get out.

I did hold AAPL, bought SNDK on its its huge fall and AKAM after hours down over 10% from its day highs. I have small positions in CMI which crushed and guided up, and CF which bounced up hard on a strongly down day. Rest are all very small placeholders. Btw, notice FCX was up today...is that a tell? Maybe.

Can we retest 1010? Why not. November elections are still 97 days...thats a fur peice. As usual, I'll jump in ...after "they" go first and will tweet about it.

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