Friday, May 8, 2009

All Good Today

The market shrugged off yesterday's losses and is strongly higher again. Unemployment numbers came in better than expected, so the market obviously liked that. We also saw numbers from the past couple months revised lower, but that doesn't matter anymore. The trend is showing signs that we saw the worst of unemployment in January. If this trend holds, and its looking like it will, that is a major positive for the market and broad economy.

There are still plenty of issues regarding the banks, but the market is content to overlook them for now. The larger question now is what type of recovery will we see? V-Shaped? L-Shaped? This is going to be the next debate.

Most traders I've been reading would be a little more comfortable if we have a slight pullback. Its going to happen at some point, but for now, the trend is higher.

I haven't been able to post much in the past day or two. I just opened an account with Think or Swim, and I've been spending time with that. I've heard a lot of great things about them, so I'll give them a try. They have a really expansive platform and its taking a little getting used to, but looks very nice. If anyone has experience with them and wants to share it, I'd appreciate it. Or if you have questions, feel free to ask me and I'll do the best I can.

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