The job report showed the addition of 162k jobs which was below expectations. Nevertheless, it shows that the economy is recovering and the futures market took it very positively, sending DOW future up 36 points.
There are many BEARS who are very desperate now. Just take a look at CNBC and you should be able to recognize the BEARS – El-Erian, Marc Faber, Brian Kelly.
This morning, El-Erian might have been shocked at how the futures market went up even though he thinks that the economy is doing badly.
"As the market is telling you, this is a half-full, half-empty report," Pimco's Mohamed El-Erian told CNBC shortly after the jobs numbers were released. "The amount of long-term unemployed continues to go up."
I have been seeing this guy calling to sell this market many many times last month. He is now trying to get his last move to convince ppl that a double dip is going to happen.
You cannot compare this crisis with that of the great depression. The job recovery is in an uptrend, unlike that of the great depression, hence there was a double dip in the past.
The Good News for long is that there is hope of a new wave of short squeezing. These shorts have to cover their SHORT positions once they have finally realized that a double dip is not going to materialize. Traders will make sure that they would start the panic covering by pumping the market to elevated heights.
This is the DOW chart. It will climb higher. I think it will touch 11400 soon. We are not complacent as what most BEARS would want us to believe. The market is just undervalued at this moment.
Seems to be no other way but up.
2 comments:
CNBC is all noise makers. Market will tell u what to do. I think we are in BULL market. Experience tell me look at the DJX and SPX chart. Important cross 13/34. Do your DD. Great charts and analysis Tradedragon. Keep up the good work.
TRADERJ on Twitter.
I stopped listening to CNBC a long time ago...
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