The market is once again waiting on the Fed...er, ahh...waiting on the Non-Farm Payroll report.
Sure, the NFP data is important but the market's reaction...to how the FED will react to the NFP number...is what matters. Said another way, the FED and its interventionist policies to the data are all that matter...not the data itself. Aint it grand?
Gallop believes the unemployment rate will rise. We will find out soon...
PRINCETON, NJ -- Unemployment, as measured by Gallup without seasonal adjustment, increased to 10.1% in September -- up sharply from 9.3% in August and 8.9% in July. Much of this increase came during the second half of the month -- the unemployment rate was 9.4% in mid-September -- and therefore is unlikely to be picked up in the government's unemployment report on Friday.
Previous Day's Trading Room Results:Trade Date: 10/7/10
E-Mini S&P Trades*
(before fees and commissions):
1) VA buy @ 8:45am at 1156.75 = -1.50 (1)
2) Algorithm positions (5)
3) “Reading the Tape” positions (2) combined Secret’s, Algo, & “Reading the Tape” total… +4.25
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