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Jobs Report Surprises Fartpolio Managers So they Sit on It and Rotate

The jobs report surprised to the upside. Everybody except us, that is. I had warned back in early  February that the real time withholding tax data was skyrocketing. That meant more jobs than Wall Street economists were expecting. That pattern continued through last week.

So now, the few shorts that are left are covering. The institutional sit-on-it-and-rotate guys are rotating. They’re selling Treasuries again, surprise surprise, as we predicted earlier. And they’re buying stonks.

Here’s the 30 minute bar chart in the wake of the jobs report. Stonks are headed for resistance at 3800. The 2-3 day cycle projection is 3810-20. If they get there, that would break the downtrend. OR at least this version of it. Channel boundaries have been made to be broken in this broken, illiquid, market in crisis.


Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish, and was lead analyst for Sure Money Investor, of blessed memory. I developed David Stockman's Contra Corner for Mr. Stockman. I’ve had a wide variety of finance related jobs since 1972, including a stint on Wall Street in both sales, analytical, and trading capacities. Prior to starting the Wall Street Examiner I was a commercial real estate appraiser in Florida for 15 years. I was considered an expert in the analysis of failed properties that ended up in the hands of bank REO divisions, the FDIC, and the RTC. Remember those guys? I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. I'm not some Ivory Tower academic, Wall Street guy. My perspective comes from having my boots on the ground and in the trenches, as a real estate broker, mortgage broker, trader, account rep, and analyst. I've watched most of the games these Wall Street wiseguys play from right up close. I know the drill from my 55 years of paying attention. And I'm happy to share that experience with you, right here. 

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