We finally got a jobs number than was way above expectations (Nonfarm payrolls 308k vs 123k consensus). The futures are now flying as the indices have blown through the resistance I pointed out the other day. All I can say at this point is that if I wasn’t long already I wouldn’t chase this pop — at least not out of the gate. As usual on gaps like this, I’ll be waiting 30 or 60 minutes after the open to make any moves. You never know, in 15 minutes the market might decide this is bad news for interest rates and start selling.
Great news about jobs! I posted an entry on my site this week about how friends of mine are seeing more activity on the job web boards. Headhunters are actively recruiting now.
Now the trick is to get companies to start spending $ for new equipment.
I’m finally in the black for the first time in six weeks … lord that was an scary little downdraft. Glad I stuck it out, though.
Learned my lesson on waiting for the signal I trust and not buying in haste. You never learn till you play with your own money.
It’s funny: this rally started almost at the precise moment when my despair was deepest. I got so mad that I literally screamed at my computer screen. The turn happened the same day.
It’s like Mike said awhile back: when you’re scared you need to be brave, and when you’re brave you need to be scared.