Meant to post this Sept. 4.
So much for the quiet day. Stocks have caught a bid, currently up 80 points on the Dow. Seems as though equity traders have focused on the declining job losses over the last 8 months more than the 9.7% headline number that will hit the papers tomorrow. Positive stock market action in front of a long weekend is common place. Reason being is that being long (owning stock) has a finite loss (only what you paid) in the event you’re wrong. Shorting the market (selling) has no limit to the losses in the event the market rallies next Tuesday. Volume is also a factor as the lack of it tends to create a volatile trading environment. Cooler heads should prevail next week so don’t read too much into the worsening pricing.