Whippy, Then Down

Another whippy and jerky day on the street. Oil broke $45 and will probably land on $25 before it’s all over. I’m just wondering how long before Russia, Venezuela and the Mideast goes out of business. Can’t wait. When your only other product is sand, rain forests and ice there may be a problem on a going forward basis.

A perfect indicator of the tentativeness of the market was the strong rally in XLF on great volume, only to be turned back and sold aggressively. When stocks and sectors give up the goose on big volume like that it’s not usually bullish. The big question is the unemployment figure tomorrow. As I said this morning, bets usually get taken off before this piece of data. Goldman is at 400,000 and I’m hearing estimates as much as 500,000. We’ll just have to wait and see but a number under 400,000 could goose the market. It’s a backward indicator and I think numbers will get dramatically worse going forward so I will be shorting any rally tomorow. But that’s just me.

I’ll be around later with more riveting commentary and winning picks.

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