Well the jobs report was not good, the US economy shed 80,000 jobs last month according to Reuters. And unemployment moving up to 5.1 percent. This flies in the face of analysts consensus of 60,000. Who are these analysts anyways? They're akin to weathermen, 100 percent right 50 percent of the time.
The dollar was making real strides last night against the Yen, Euro and British Pound, but it looks like that trend is reversing. As I warned yesterday in an AAPL message board on Yahoo, I didn't feel it was in our best interest to get too aggressive in the face of the Jobs report this morning, looks like that advice will pay off. Now the test is to see how resilient the Bulls are. Can they stave off this bad news like they have the past several sessions?
Now, even though futures have gone from slightly positive to essentially flat this morning, sentiment is on our side. The Bulls seem like they're still in control. It appears AAPL is not daunted by the jobs report this morning, but that could change at the opening. Be patient, look for the market to be a little crazy at first, let it settle out, then make your move. Holding all long alerts until further notice.
That's a wrap.
-zach bass
Friday, April 4, 2008
ZACH BASS - Pre-Market Addendum
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Technical Analysis
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