Themis Trading's Saluzzi Sounding A Bit Catious Into Jobs Number
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Joe Saluzzi at Themis Trading has issued some thoughts ahead of the close and into tomorrow's jobs number. Joe is sounding a little cautious.
Joe said:
"Market is strong right now with the financials leading the way (up 3.5%). I am looking for a possible late afternoon selloff as people try to get ahead of the jobs number tomorrow morning. Average forecast is for 9.2% unemployment with a loss of 520k jobs. I will also be looking very closely at the U-6 unemployment statistic which showed the "real" rate of unemployment in April at 15.8%.
There are many investors out there that believe that this market has run ahead of the poor fundamentals of the economy. A worse than expected jobs number will reinforce this theory. Data from the Trade Ideas Monitor by youDevise shows that short ideas have spiked 45% this week."
Joe said:
"Market is strong right now with the financials leading the way (up 3.5%). I am looking for a possible late afternoon selloff as people try to get ahead of the jobs number tomorrow morning. Average forecast is for 9.2% unemployment with a loss of 520k jobs. I will also be looking very closely at the U-6 unemployment statistic which showed the "real" rate of unemployment in April at 15.8%.
There are many investors out there that believe that this market has run ahead of the poor fundamentals of the economy. A worse than expected jobs number will reinforce this theory. Data from the Trade Ideas Monitor by youDevise shows that short ideas have spiked 45% this week."
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