Holding on for the moveNot much to say today besides yesterday gave the gap up, trend up day I was looking for and now it's time to sit and wait. With excellent prices from the 1050 area in the SPX I feel comfortable holding for a larger move.
All eyes are on tomorrow's August jobs report. I am not an uninterested observer so take my thoughts with a grain of salt. But, I think there's a decent chance we handily beat the current estimates for job losses right now. According to Briefing.com consensus expectations are for a loss of 120,000 jobs.
Again, this is just speculation but the ISM data yesterday showed the Employment Index at 60.4, the highest in nearly 30 years. The ISM states that: "An Employment Index above 49.8 percent, over time, is generally consistent with an increase in the Bureau of Labor Statistics (BLS) data on manufacturing employment." The last three months of ISM employment data (July, June and May) have showed the index at 58.6, 57.8 and 59.8, respectively. Manufacturing gains last month totaled 36,000 to round out 183,000 additions since December 2009. Perhaps we see some strong growth in manufacturing hiring?
Anyways, I have no idea really, just postulating. I'll be long into the announcement and will likely view any selling as a buying opportunity unless the report gets me to believe macro risk is still too high and I'm too early on this next move.
Couple good bullish articles:
By One Measure Stocks Are Cheapest In Over a Half Century ~ My Back Pages
Thanks to the Weak Market, Apple Stock Actually Looks Cheap ~ Peridot Capitalist
Brandon R. Rowley
"Chance favors the prepared mind."
*DISCLOSURE: Long SPY, AAPL, AMZN, BIDU, EMC, DNDN.