Non-Farm Friday – Is America Working?

May 08, 2015 at 08:26 AM EDT

Wheeeeeeeeeeee! What a ride again on the stock market roller coaster. Our short position in oil continued to crank up the cash as crude fell to $58.50, up $3,500 per contract from our call to short on Wednesday morning , where we were EMPHATIC about the shorting opportunity ( and you can have these reports delivered to you, pre-market, every day by simply clicking here ) . It's OK if you missed that chance to make $3,500 because the /ES (S&P Futures) longs I called for in yesterday's morning post finished the day at 2,085 for a $1,250 per contract gain and the /TF (Russell Futures) longs we called at 1,210 finished the day at 1,225 for a $1,500 per contract gain . We're not playing the Futures into the Non-Farm Payroll Report at 8:30 but we have leaned back to short in our Short-Term Portfolio, which took a $3,900 (3%) hit on yesterday's bounce because we left our aggressive shorts in place as the market rose (offset by our Futures longs, which don't track as portfolio profits as not everyone plays the Futures). For the advanced traders, the system worked perfectly, with the Futures gains offsetting the losses on the bearish hedges. As you can see from Dave Fry's SPY chart , yesterday was another low-volume, BS rally that stopped right after the EU closed (11:30), so most likely panic money coming in from overseas, where the Union may collapse over the weekend if Greece isn't extended again. Greek Finance Minister Yanis Varoufakis said his government is prepared to go “ down to the wire ” in talks with its creditors as policy makers signal they’re losing patience with the country after months of brinkmanship. Varoufakis, who denies he’s been sidelined by Greek Prime Minister Alexis Tsipras in the negotiations, said he expects an agreement in the next two weeks, though one is unlikely to be announced when euro-area finance chiefs meet on Monday. That's not even what's bothering me, Globally. What's got me worried is still China, and their rapidly expanding debt. Just 10 years ago, China was running a surplus and had just over $100Bn …

Wheeeeeeeeeeee!

What a ride again on the stock market roller coaster. Our short position in oil continued to crank up the cash as crude fell to $58.50, up $3,500 per contract from our call to short on Wednesday morning, where we were EMPHATIC about the shorting opportunity (and you can have these reports delivered to you, pre-market, every day by simply clicking here). It's OK if you missed that chance to make $3,500 because the /ES (S&P Futures) longs I called for in yesterday's morning post finished the day at 2,085 for a $1,250 per contract gain and the /TF (Russell Futures) longs we called at 1,210 finished the day at 1,225 for a $1,500 per contract gain.

SPY 5 MINUTE We're not playing the Futures into the Non-Farm Payroll Report at 8:30 but we have leaned back to short in our Short-Term Portfolio, which took a $3,900 (3%) hit on yesterday's bounce because we left our aggressive shorts in place as the market rose (offset by our Futures longs, which don't track as portfolio profits as not everyone plays the Futures). For the advanced traders, the system worked perfectly, with the Futures gains offsetting the losses on the bearish hedges.

As you can see from Dave Fry's SPY chart, yesterday was another low-volume, BS rally that stopped right after the EU closed (11:30), so most likely panic money coming in from overseas, where the Union may collapse over the weekend if Greece isn't extended again.

Greek Finance Minister Yanis Varoufakis said his government is prepared to go “down to the wire” in talks with its creditors as policy makers signal they’re losing patience with the country after months of brinkmanship. Varoufakis, who denies he’s been sidelined by Greek Prime Minister Alexis Tsipras in the negotiations, said he expects an agreement in the next two weeks, though one is unlikely to be announced when euro-area finance chiefs meet on Monday.

30383-20150507040309000000000 (1) That's not even what's bothering me, Globally. What's got me worried is still China, and their rapidly expanding debt. Just 10 years ago, China was running a surplus and had just over $100Bn…