Thursday Market Wrap

{+++} Fed days are never really that productive. Remember last month when it was released by mistake the night before? That was a good day. Normally they can be sloppy.

Anyway, the market was at highs and it was looking for an excuse top let some air out. I’m not that concerned. The bears better get a follow through day tomorrow and strut their stuff or the bulls will probably take it right back.

Regarding Bernanke’s language that he may (if he sees the need) change policy, don’t worry about. The printing and buying will continue. His mandate is to keep it going until unemployment hits 6.5%  You have a better chance of flying a unicorn or finding Jimmy Hoffa in your basement. Jobs aren’t there. Period.

The biotechs gave some  back today. They are a high  beta group and they will be one of the first to get  hit when the market gets soft. One of our subscribers also pointed out that there was  “rumor” of a boitech hedge fund that may have been in trouble and was liquidating. I haven’t confirmed that, but shorts, will as a rule, will try and get short in front of that type of event whether its true or not.

We have some  more economic data tomorrow and Friday the big non-farm payroll number gets released.

We’ll have a better feel tomorrow after the dust settles a bit. Get some rest and I’ll see you on the chat room in the morning.




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