6/7/2010 gameplan | Bulls on Wall Street

6/7/2010 gameplan

 
 
Well we had quite a puke on friday after the bogus jobs report. Just when you thought things couldnt get uglier we get a number that was totally off the whisper report numbers aaaaaaaaaaaaaaaah shocker!  Just remember those jobs that were created were mostly temp jobs and they all came from “the man”  good thing I took off early. Days like that there is no reason to even trade as there is no significant edge in trading long or short as the market is run off news and dozens of variables that we can not fathom or see.  The only thing you can really do is daytrade very quickly on the short size for quick hit gains or take the day off and relax.   Time to bunker down as things usually will need to get worse before they get better. I will continue to say that the best bet is to stay mostly in cash and play stocks much quicker than in the past.  part of being in a subscription service is not just getting stock picks but also putting the group in situations where the reward to risk ratio favors taking positions.  Right now everything is a gamble (except for the swiftest of traders) as the market is driven by headlines and those headlines are taking place overseas when we are sleeping. Nothing you can do about it.
 
 
From both the indexes and running scans. Most of the good plays are def on the short size. futures are a bit green this morning.  If we see a weak bounce I will look to add maybe 1-2 short positions.
 
 

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