Volatile Day

5pm The day was marked with some good sized highs and lows. This is good for the trader and very sickening for the long term investor. The interesting part was that when the market started selling off in front of the jobs report tomorrow, the cascading sales didn't really materialize. It is something that the bulls should like to see. The market stopped the freefall going into the close.

The oil market sunk like a stone again. If you are short the USO like I recommended a while back, you are still good. Oil can certainly have a 3 handle sooner than it can get back to $50.

I got long briefly this morning on the SPY when I saw the positive action in the morning. It started to break down a little and I took a smaller profit than I would have liked, but a profit is good nonetheless. I continue to hang on to the QQQQ puts I bought a while back and I will still hang on to them. They may make me more money tomorrow if the market heads lower tomorrow as I anticipate.

Here is going to be the interesting thing with the jobs number tomorrow. The last couple of weeks of jobless claims have been bad but not as bad as they could have been. Will the monthly jobless claims be better than the consensus? We will have to see. The action will be interesting. Buckle up. Until next time, stay low risk..