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A thoughtful Sloper put together a chart, shown below, showing that virtually every time the jobs report comes out (marked with the white lines in the chart), a reversal from the current trend takes place. The next jobs report is before the opening bell this Friday, and given the strong uptrend, it could prove interesting.
My antipathy toward the market has reached such a point that I actually woke up after the opening bell this morning – virtually unprecedented! I glanced over at the desk clock, and it was 6:50, which was about two hours after I normally get up. Egads!
In any case, things are steady this morning, and I wanted to take a moment to pat my biggest position – XLU – on the back. Not that it's done anything spectacular, but it's the one short position in which I have the most faith. Even during yesterday's New Year Bullishness, it only crept up a small fraction of a percent. Let's look at the chart:
This chart has everything going for it – – a very clean stop, a well-formed top, and way more potential reward than risk. Plus, in this environment, I'd prefer going for something mellow like XLU as opposed to the looniness in IWM-land.
