Friday, August 1, 2008

Friday's Mechanical Update

Good Friday morning and afternoon to all…

After the unemployment number came in at 5.7%, it's difficult for anyone to be bullish. Jobs are the tell-all to the most astute economists on the planet, but just wait a second before selling.

POTC believes the sell off this morning could be met by major swing buying before the close IF oil breaks under $123/barrel. Although it doesn't look likely at 9:55 ET, as oil is up, this highly volatile commodity must be monitored closely as the contract closes at 2:30 pm ET. Here's a trust that follows the evil commodity for your reference:

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