The Local's Take: Late Day Commentary

Hellllllllllooooooo!!

Regardless of what just happened today (my wrist, eyes and head HURT!), we have the all (in my estimation) important unemployment report.

I am going out on a limb that with 450k weekly unemployment claims, there is NOOOOO way that we hit the expected mark of 180k that analysts are calling for.

CHARTS:
It isn't worth posting charts as this is a throw away day. Yes, 100 or 200 points or even 300 is expected with the news coverage of "Gyros Gone Wild". Boy would I like to be in Mykanos right now!

The only way you could take advantage of the move was to have protection in place (see a 300% winner in QQQQ today!) or you were bidding down there and no one was as there was no reason for us to be down there.

If we get a REAL sell off due to economic news that makes sense. I would love to buy tomorrow afternoon if we have another 200-400 point sell off that gives certain strong sectors that are now lagging (financials and more importantly commodities) a nice 20% discount from their highs.

Yes, I will sell puts to get into stocks or just collect the premium.

So, come on big miss in the unemployment number tomorrow.

Forex - not even going to talk about it as it was too wild for words. The spreads were 15 pips wide and we had 2 and 3 penny moves. I am looking forward to the BADABING TRADE tomorrow.

I think I am going to finish off the patron and leftover Maxwell's pizza from last night!

Locals Tip: The BEST workout to get you in shape for spring/summer: (aside from backcountry skiing) is the Computrainer classes at Team 19. The Wednesday night "guys night" has been a blast and thanks to our leader, Wendy who had us doing intervals.

Go Pens! and sorry Detroit!