Friday, May 4, 2012

Morning Market Summary and Charts 05/04/12 #SPX $/ES

"Expectations were for an increase in non farm payrolls of 160,000, and a 8.2% unemployment rate. We got +115,000, and 130,000 privates. Unemployment rate at 8.1%, lowest since January 2009." US Added 115,000 Jobs In April, Huge Miss Of Expectations; Unemployment Rate 8.1% | ZeroHedge

So, what does all this mean. Well, I've been listening to the CNBS propaganda machine this morning (for the second time in about 9 months, I hate them) and thankfully they have me feeling all good and giddy about these stellar results. That's not true. What is true is their reporting has been nothing but confusing and misleading and I feel worse for having turned on that spin infested crap spewing machine (sans Santelli).

Market reaction did me no good either. Obviously the number was leaked and just before 8:30 the minis fell from 1386 to 1380 in a millisecond. Then the actual announcement hit and futures fell as low as 1378.25. Must have been a bad initial reaction cause 4 minutes and 11 points later the minis hit 1389. Where are they now at 8:49? Why down at 1381 of course 8 points off the high. Nice. All is well. Markets are functioning normally. Just a horrific miss well below everyone's lowest estimate and the markets surge 11 points. WTF? This is stupid.

I have left CNBS on and can not believe I used to listen to this shit every morning. OMG what a bunch of crap. I feel dumber already and my exposure has been about 15m. They spin everything as far from reality as possible and talk in circles never coming to any truthful conclusions always pumping the buy side. IMHO, one of the best investment decisions I ever made was turning this crap off. Seriously. Turn it off. You won't miss a thing, I promise and will be better informed without the government cheerleader buyside propaganda.

Gold - I've been trying to show you the resistance. Yes, I do thing gold goes way way way up one day, but just not right now. This 1636 to 1614 range is the floor to watch. If it breaks down you have to start looking for the lower end of the blue channel.

Oil - Did someone ask earlier this week, "Is this a headfake like silver gave last week on that breakout?" Yup, that would have been me. That would be a lower low.

10 year - Stuck at 1.92 and not falling. I find that a bit curious. Dig this chart Fresh decade highs on price this morning. That will warm your soul won't it?

Minis - 1375 is 62% retracement of the climb which sits near my 1374 second support (blue). Pink long term diagonal support off the October lows is finally busted. I always warn for you to consider a backtest of (esp major breaks) diagonals and support points, so be on the look out for that.

Minis 5m - Just so you can see the points I will refer to today (if things stay in a nice range) -

It is Friday, the markets are a farce, and I'm tired of the manipulation and BS.

Have a great weekend.

GL and GB!

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