With the nasty jobs report out, it seems the last bit of what people were holding on to (US a safe harbor in the world storm) is being tested.
Markets are set to open strongly lower. Whether the buy the dippers find something positive in here or not I don’t know. But I will say that on charts, such as the Russell 2000, today will break support – so we have to see where that leads.
Yesterday I dumped a Nasdaq trade that I tried for the clients. The market was not moving up as expected so I got out with tiny losses – I think the market knew these numbers were coming. I am keeping with my income + gold theme. I posted many times in past months about that – my only regret is not putting a treasuries trade on for clients – though the chart made it hard – I had sold off a position in TIPS which of course I regret now.
If you are not a speculator, it’s not a bad idea to just hang out with cash right now. Better opportunities will present themselves – though owning some gold might be a wise idea and if the markets perceive this report to be the impetus for more Fed action, speculation in gold stocks could be tried.
Be careful out there and again, if all of this is Greek to you (no pun intended), stay on the sidelines – you don’t have to buy an investment everyday.