TOT daily traders are currently 500% short from an average price of 1607.48 Our stop on the position is SPX 1616.
The CNBC talking heads are making a big deal about how the Dow and the S&P have now violated their 50 day moving averages. THIS IS A MEANINGLESS EVENT! If it engenders more selling today, great – but it has no longer term significance.
Furthermore, the more the market sells off today, the greater the likelihood of a snapback rally tomorrow – regardless what the jobs report says.
Thanks for the opportunity to be of service, and I’ll email you again in a few hours.
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