Earlier this year, while I was busy ranting on the audio I signed off with "OK I will get off the Soap Box."
JB later came on the audio and with a similar audio session signed off with "Ok I'll get off the......Sandbox.... whatever you call it... lol"
and the Sandbox term was coined. Its utilization is in response to a lengthy, thought provoking, opinionated moment.
I find myself back on the Sandbox this morning.
Since $IWM broke the key $120 level in August, my perspective of the market has changed. I've turned from a slobbering bull to a bear. I'm not sure how long this market pull back is going to last, and by the looks of the action this week, and the comments by many of its observers - you would think the market was ready to head back to record highs.
On the flip side - sentiment remains negative. It doesn't feel that way. And the massive late day buying frenzied point more to people buying everything they can for a pending rally of the century, than people selling because the economy is rolling over.
And that's just it. I think the writing is on the wall. Charts look negative. And maybe its just my negative bias that makes them that much more bearish looking. I've seen people look at these same charts with a bullish hue. I see all the analysts out there reitierating their buy ratings with the 'pull back is overdone' narrative... or a similar type of 'hey the stock is down 20% since we said to buy it, so you can buy more for 20% cheaper... isnt that freaking great?'
And finally today, after a bevy of sad economic data, we get a jobs report with a headline 5.1% unemployment rate. But.... only 142k jobs. And that is a big miss. One that I expected. Last month I nailed the jobs report. And this month as well. I'm not sure many thought it was going to be this bad.
and stock futures are in free fall mode. Who woulda thunk a 5.1% rate would look so bad. Spain would give their left Kidney Bean for a 5.1% unemployment rate.
So here we are. The market is crashing from where is started the day. We had a similar pull back yesterday from similar highs. But then a relentless rally to get us back over break even.
I feel like I am beating a dead horse. And out of respect for Animal Activists out there lets just say I feel like I am beating a wet blanket.... which doesnt have the same meaning... at all... its not even close.... but beating a wet blanket is probably pretty frustrating... I'm not sure why you would even be beating a dead blanket in the first place. But for all you horse lovers out there, and I'm not saying I don't love horses. And I certainly don't like beating them, especially if they are dead. That's not right. It's just a figure of speech. You know they beat the horse to get them to run faster on the track..... well I could go on for a while... so Let me get off the sandbox.
If you haven't read my updates this week at least watch my video from the other day.
I don't want to beat a wet blanket on this. I think this market sucks. I think the spikes will get sold and a few weeks from now we are going to be trading a lot lower than we are today.