The jobs report has send the futures much higher. Oil is soaring as well and I am happy with my X and FCX. I sold a call spread on COF a couple of days ago and it appears that I will take a big loss on that one. I was not in the camp that thought the banks were poised to headed higher through the summer. I am surprised by this market strength.
I still think the place to be is owning "stuff". Oil, Nat Gas, Coal, Gold and Silver are going to outperform the market. I like RIG, MEE,BTU and those type stocks for the long haul. I will do more of an in depth analysis on those specific stocks over the weekend--they will be volatile in the short run. I have gotten hurt from time to time trading each of those names.
It is scary to me that this market reacted so positively to this jobs report and did not react to the announcement that the White House intends to appoint a PAY CZAR
CLICK HERE TO READ THE ANNOUNCEMENT More taxes and regulation will cause our economy to collapse.
I believe that the jobs report points more toward stagflation. This may be a trap setting up in the markets. I still think we retest the lows, BUT I HAVE BEEN WRONG.
Friday, June 5, 2009
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