http://www.stockrake.com

If the market moves up today on the heels of the job report, I’m going to make alot of money. If not and the market tanks, I’m going to lose a big sum.

The reason I’m looking for a strong close out to the week, is that the bearish sentiment is really ratcheting up lately and it makes sense to me if the shorts get blown out one last time before a back and fill period begins. Shorts capitulate, longs profit, up move brings in latecoming longs who later get crushed, its all perfect! Plus someone out there is taking advantage of China’s markets being close. Those traders are coming back to an overbought market next week. Its like a slap in the face. If today is weak, really weak, it messes up the whole weekly overbought scenario that is in play right now. Why would the big boys mess up a good pattern that is setup to sell off next week?

The whole thing on this recession deal is that its likely not to be deep and its likely to be behind us before we even come to a conclusion about it.

Aside from this noise, I’m hoping for the up move. Lets see what 8:30 est brings.