The markets have been anxiously awaiting this morning's release of US unemployment data, which came out 10 minutes ago. So what will traders do today, after a strong Dow rally - up 350 points over two days? The easiest thing is to sell, and the nervous lemmings of Wall Street will do just that. Today's reason: 39,000 more Americans are working this month than last month. What's the problem? No problem, in my opinion. But for lemmings looking to leap, they wished it had been a bigger number. I wish someone would bring a dish of ice cream to me at my desk, but I am not going to invest based on wishes, be they economic or culinary.
Good news is good news, even if some traders don't like it. The economy is recovering - slowly - and will continue. In that I am confident.
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).