Thinking Ahead to Friday- Shoot Me Now
Wed, Sep 1, 7:26 PM ET, by Betty L. - Freshman Equities Trader, Hedge Fund Live
It’s hard for me to get excited about today’s rally. I instantly want to point to my latest excuse for everything, “summer trading”, not to mention that today was the first of the month (generally the strongest day of the month) and that in our previous rallies (since the beginning of May) have been quickly met with sell offs. I don’t think it’s the skeptic in me that doesn’t want to believe in today’s gains in the market. I’ll call it being cautious and alert to know what to filter out. Having said that, I will say that I am leaning on the bullish side. For a small example, we are now looking for long/short ideas, an exercise that was pointless until a couple months ago, if that. I still am worried about the employment picture the most, and today’s ADP Employment Change data certainly did not help. In light of that number, I am anticipating a shitty Friday when Nonfarm Payrolls data will be released. Also, as we often like to say on the desk, Fridays are reversal days where the trend of the week is turned around, so if today’s strength extends to tomorrow’s session, we may just see a day in the red on Friday. I am dreading it, not because we might sell off, but because Friday will be DEAD as I’m sure traders will be taking off early for this Labor Day weekend. And I thought these last three days have been quiet! Visit HedgeFundLIVE.com.
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