I love the shorter work-week.
This is a great time to point out to your boss that you got just as much done this week as you do in a 5-day week so let's start a campaign to shorten the workweeks. We certainly need shorter workweeks as we're no longer creating jobs (just 38,0000) in May – even though unemployment is LOWER, at 4.7% because people are quitting the workforce.
So say goodbye to 2,100 on the S&P and this is a good time to say "I told you so" as my headlines for the morning posts in this short week have been:
- Tempting Tuesday – 2,100 and Bust Again?
- Weakening Wednesday – S&P 2,100 Too Much for the Market
- Fake Market Thursday – OPEC, ECB and the S&P 500
As I mentioned on Wednesday morning, we are already in a bearish stance in our portfolios and very much in CASH!!! and we are short the /ES Futures at 2,100 as well as long the S&P ultra-short ETF (SDS) which closed yesterday at $17.91. It didn't have to be the NFP Report but SOMETHING was going to take the markets down as the rally was totally fake – on ridiculously low volume since last week. The low-volume window-dressing began at 2,050 on the S&P, so that's our short-term target (-2.5%) and we'll see what kind of support we have down there.
Meanwhile, the Futures are far worse than they look (down 0.25% at the moment) because the Dollar plunged 1% on the release of the Payroll Report (less workers need less Dollars to pay them) and we're back down at 94.50 but we should bounce around there and that bounce will make it worse for the indexes as the Dollar recovers. It will also jam down commodities and less workers need less oil so Oil Futures (/CL) short at $49 are going to be a fun play this morning. So much for the Fed tightening in June – no way that will happen now (not that it was going to).