Thursday, September 1, 2011

President's Job Speech and $SPX

Well, does anyone still think that President's speech on jobs will matter as much as it did before it was pushed one day further? What the heck is this? Now we are going to have a fight over when President is going to address the congress? I wish they continued their vacation for another month. This does not look very promising on any agreement about anything serious in this congress. Market is worried now...

Quick "never mind" on my last night's SPX comment about a possible stop hunt today. While I continue to think we are heading to 1150 - 60 area from here, I thought we would get a classic stop hunt to 1235 today. European econodata and Obama/Boehner catfight cancelled that scenario. Unless ISM comes in very hot, we are just going to continue this 1230 short from yesterday unobstructed. And all this talk about NFP surprising is so wrong. August was the worst ever for stock market. You telling me someone felt like hiring?

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