Unemployment hits 10.2%, highest since 1983 and much higher than forecasted.
While analysts may have been caught off guard, Obama and his band of merry scheisters you can bet your booty weren't. If one were to look at every more than 100 point rally to the psychological 10,000 on the Dow over the past few months, you would see that the unemployment numbers and the sucking up of SPY and WFC shares through some form of stealth, however blatant to us techies. So, is this week any different? Of course not. They have known all week what the job numbers would be so they made sure that if a cascade of selling were to take place, it would be better stabilized from higher ground. But they also made sure that GE got a double upgrade today too, so the futures are only selling off slightly where they should be sinking nearer to the Titanic.
The lesson in all of this is that one day you will wake up from your buy and hold stupor only to see that your 201K which may be now 301, has fallen back down to 175. One only needs to look at the levels of volume everytime there is a selloff or retracement compared to the buying of these overbought ridiculously priced stocks in an environment of record breaking job losses after the biggest boom period in 50 years. What will it take to get your attention? RIMM was trading at 70 just a few short weeks ago when Cramer was saying BUY BUY BUY. Check it out now. It hit 50 and has traveled back up to 57 on share buyback news from yesterday but it is now heading back down again. Who could possibly invest in this kind of rigged and crazy marketplace? Not even Warren Buffett is getting it right. $100 for BNI? Insane!
Just look at the ridiculous walk up in the price of oil. How long do you think that price which is nearing $90, will get its whipsawed arse taken off once Mr. Market realizes that the american consumer has not only stopped driving, but actually have no more cars because they have been repossessed from no job? Buy DUG and just sit back and wait. These jokers better get with the program and start creating some jobs that aren't part time if you want people to buy houses at still too high prices you morons. But not to worry today, they will buy the banks and semis today and drive this market back up over 10,000. The christmas rally will come early this year so the brokers can get their bonus' at your expense. Hide you money under your mattress until 2010. Tata..
Happy trading
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