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It’s kind of amusing how everyone is on the edge of their seats about tomorrow’s jobs report, with a special focus on hourly earnings. Errrrrrrrrr, it seems to me the trend is pretty clear, right? You could find a bamboo skewer from your kitchen drawer, place it on the screen, and it would cover this line neatly.
I know, I know. I used that title before, but it’s so good, I’m going to use it again. Anyway, back on July 15th, I suggested Humana (HUM) as a short, since it had filled its gap so nicely.
I’d say it worked out, eh?
The long-term charts are all saying the same thing. Long gold. Short stocks. Whether it’s silver, gold, the Dow Composite, the Russell 2000 – – mix ‘n’ match as much as you like – – but if you divide some kind of broad equity index by some kind of precious metal, you’re going to get one of these massive reversal patterns that has stood the test of time for decades.
Over the course of the past week, the /ES has wiggled and wobbled without any clear direction, sometimes violently ripping up or down with little apparent cause. Simply stated, it’s a mess, at least on a minute bar basis.
The tug-of-war in the market is particular lusty this morning, in spite of there being no real news to move things about. Everyone’s waiting for the jobs report tomorrow morning. In the meanwhile, the bulls managed to push the market into the green briefly, only to let the rope slip again.
