Jobless claims came in at 654,000, which was better than the 660,000 the market was expecting. But they raised last week’s number by 5,000, so the actual number is 659,000. It amazes me when it's good news when we only lose over a half a million jobs. And Wells Fargo announced their earnings two weeks early to give the market a boost going into Good Friday, when the markets will be closed.
The attached graph shows the historic trading patterns going into and coming out of Good Friday. Markets typically fall on the Monday after Easter. It will be a double hit on Monday as the usual April 15 pre-tax day stock selling takes place. Tax day selling will likely continue through Wednesday, so be ready to go long on Thursday. I'm getting the sense upcoming bad earnings reports will mostly ignored by the market makers. If this market has any more rally left in it, which it will after this coming three day correction, then Wednesday before close or Thursday would be a good time to enter if you're not already in.
No comments:
Post a Comment