ADP shows its January payroll survey, often more accurate than our unemployment reporting :)
Chartists tell us: DOLLAR INDEX HITS FIVE MONTH HIGH ($USD,$FXE) - GOLD FINDS SUPPORT AT 1080 ($GOLD,GLD) - OIL HITS POTENTIAL SUPPORT ($WTIC) - BONDS HIT RESISTANCE ZONE ($USB)
The market by noon yesterday had hit tops of 10,228. Our new recommendation to the call -OEB100220C505 FEB 2010 505.0000 CALL was profitable to .80, but very difficult to trade.
We'll treat it as an open signal. Contrarians took much easier entry to the put, which could be an interesting move if yesterday's move was an "exhaustive gap" and more downside is to come. Remember we have already suffered a 700 point drop, right at our Fibonacci top at 10,746.
We note that the OEX cannot penetrate several strong resistance areas, and struggles at 500.
The market is obviously oversold, but we suggest our rally will be brief, and that more downside, below 9950, increases despite upside.
The CEO of Goldman Sachs is going to pay himself 100 million a year, a direct snub to our government. It has become so imbedded with greed, the entire system, that it may be possible to realize we have hit "incomplete incompetency."
"Today we deal with 65,000 more pieces of information each day than our ancestors did 100 years ago." – Anonymous
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