Thursday, July 2, 2009

07.02.09 - Jobs Blues

CNBC paraphrased quotation of the day, "US investors ahead of the July 4th weekend are in the Red, with White knuckles, and singing the Blues..."

Markets were hit hard in the pre-market on the ECB jobs numbers, only to double dip on the US surprise. Although the VIX has leveled off just over 28, cumulative tick continues to deteriorate along with price, with the SPY now down over -2.30% (but Transports (IYT), Energy (XLE) and Discretionaries (XLY) all down more than -3%). That said, so far the SPY has found support well below the 50-day moving average near $90.20.

Not so sure I'd add to shorts if I weren't already in, but that tick doesn't presage well for the second half of the day. Volume is naturally very light.

Never Investment Advice

No comments: