12,969 was the low from Thursday . That still held. Today’s low was 12,988. Thankfully, I had stops in place above that, so worse case scenario, we made some money. . I am still long. We settled below 13000 at 12,991, but I am willing to take about 150 pts heat.
Today’s unemployment number, while heralded as a beautiful sign from MSNBC, NPR and the rest of the left cheering section…. was sloughed off by the markets. The markets are not political. The market is a graphic representation of not only people’s opinions, but their actions. As such, I am not paying too much attention to this number.. Unemployment is, honestly, a discounted fact at this point, in my opinion.
Bottom line, its bad and has to get better and is overdue to get better.
That’s one reason I am long here.
Quite honestly, a lot of folks are pessimistic about stocks if Obama wins again. I love being contrary against those bears.
If Romney wins, we probably get a bounce anyhow.
But, stranger things have happened.
I haven’t changed my opinion based on one number. That would be silly.
I am holding fast here.
I also liked buying beans here on at 45 cent break. I bet ya China is going to step in and buy the break…
Just be sure you have sell stops, in case we cascade another 80 cents.
Have a great weekend
CER