Friday, September 05, 2008
The Gloom Is Back
Stocks took a horrible battering Thursday. The Dow fell 344.65 points to close the session at 11,188.23. The SPX declined 38.15 points to end on 1,236.83. We are in the green and looking good. We now have an open order on this position to buy back our short 1380 call for 5 cents. Just buying this call back means we won't be charged commissions.
Economic news was mostly mixed Thursday, but traders saw this in a bad light. Chain store sales data was also mixed, but traders were not pleased with the outlook for consumer spending. Although oil prices continue to decline, a weak jobs market is a concern for the Fed and traders alike. Also dropping oil prices is being seen as drop in demand for global output which is bearish. You just can't win!
It is the jobs report today and if that is bad things could get worse!
Until next time.
Economic news was mostly mixed Thursday, but traders saw this in a bad light. Chain store sales data was also mixed, but traders were not pleased with the outlook for consumer spending. Although oil prices continue to decline, a weak jobs market is a concern for the Fed and traders alike. Also dropping oil prices is being seen as drop in demand for global output which is bearish. You just can't win!
It is the jobs report today and if that is bad things could get worse!
Until next time.
# posted by Paul @ 8:34 AM 
