Aside from obama already practically giving it away that the number is good, cnbc has a jobs show planned for the whole day. They've been blasting the hell out of the promo, if the thought the number was gonna be bad i doubt they would do this.
What keeps me concerned is how with every advance it pulls back to the 10 day moving average.. My opinion, for what its worth, is that it will retrace to that point or below - maybe worst case low 14s- start to consolidate a bit and then start it march to 20.
the fact that this was up to the 17's today is pretty big IMHO. we ended up being flat pretty much in another red day, seems to me this is still in an uptrend. Is it possible to sell-off a bit, yah, but the odds are stocked on it going up IMHO
yeah i do agree with you on it diving. I thnk right now people are nervous at this level. Aside from my personal feelings that bac will continue to rise, i did see when it crashed to 1489 the other day on the sec fine. It did fly up quick though, and even today, you have to admit that it went through a tough battle today, if it was gonna go down today was the day and it still eeked out on top. I know nothing goes straight up but a pullback to the levels a lot of people on this mb just sounds crazy with every dollar per share bac goes up. I didnt taht gs had an rsi that low. I believe i heard it on fast money last week where guy was talking about how gs should be in the low hundreds. he gave a number but i cant remember it.
I looked at GS RSI and is it at about 65 and BAC is at 80.. (BTW - I am using the default chart at stockcharts.com) The dip I was referring to was was at 12:45 or so on the 3rd just after the news on the SEC fine was announced. It quickly recovered but it did show that BAC will dive quickly on bad news.
didnt it pull back today. It was at 17.30+ and it fellback to 16.39. the sec thing had to do with bac, any report tomorrw is market in general. I dont think this thing is going to pullback as much as people have been saying it is. Its like saying gs is overbought, therefore it should go down to 18. GS is way more overbought then bac and you see how well thats working
But from a basic technical view absent of the news isn't BAC ready for a pullback... Look at the RSI etc.. A bit over bought. I also remember Monday when the SEC info was released and it dropped to 14.90 in seconds.
amazingly enough I think Kramer is onto something with the numbers, however the market reacts will be another story. It wasn't his call of 150,000 job losses, it was an analyst he had on his show which revised his numbers from -350k or something. GS also changed there outlook from -350k too -250k. If numbers come out looking that good.. sub 200k losses... S&P is back over 1k, bac is back in mid 17's probably
Cramer's guest today was ramping up the cheerleading with his guesstimate of only "150,000" for the number Friday. His creation needed an "L" shape added, to create a 450,000 realistic number.
Well planned, well massaged, and well orchestrated, but highly inaccurate. Just ask anyone who is unemployed! Oh, I'm sure they're sitting at home, watching CNBS, and waiting to be counted in the next census. Show of hands?
you're probably right. I think most people would admit that those numbers are extremely inaccurate but it appears that people just want to be lied to right now. Just go out and you can see how we are in serious economic trouble, i think there has to be some type of psychological aspect to this, maybe when things are really bad people want to be lied to. Well, i can bet the ranch that the humber reported will be very good and the market will take off, even if the numbers are wrong