... unless you want to clean up an oil spill for BP of course.
Yes, the numbers were horrible today... for the Continuing Claims and Initial Claims that is. Tomorrow has the Nonfarm Payroll and Unemployment Rate, which should be just as bad. But, we are very oversold right now, so I'm expecting a sell off first, then a rally.
We went down to within 41 cents of the 100.72 spy fake print, before reversing hard into the close. I still think a down move to the 990 area is coming, but not tomorrow. I think the move down in the morning will only put in a higher low, and then rally the rest of the day, closing positive.
There is a lot of resistance in the 1040 area now, and I think that will stop the advance tomorrow, and could be the closing price too? However, I have a fake print of 1070.50 too, and should 1040 not hold back the bulls... a massive short squeeze could happen, taking us up to that level.
Now don't get me wrong, I don't think we will hit that target tomorrow... but anything is possible, so keep that in mind. I feel like we will hit 1040, and close around there, then hit 1070 next week, at which point I would go short again.
But let's just play it one day at a time. For tomorrow, a possible down move early in the morning on jobs data and rally the rest of the day is my forecast for Friday.
Good luck everyone...