m22au's journal

 
Equities rallied strongly from about ES 1034 at 9.50am ET to about 1048 ES at 10.05am ET.

Interesting to note that S and PVTB didn't partake in that rally.
 
HBAN is another that is "flicking the red switch" before most banks.

Also I note that C is weak, however I am reluctant to short it for a multi-month trade due to its TBTF status.


Quote from m22au:

Equities rallied strongly from about ES 1034 at 9.50am ET to about 1048 ES at 10.05am ET.

Interesting to note that S and PVTB didn't partake in that rally.
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I have a growing obsession with $KRX
http://www.kbw.com/research/KRX.asp
(relevant ETF is KRE)

At the time of writing ES Dec 2009 +0.77%, XLF +1.41% but KRE -0.20%.

The underperformance of KRE is a big "tell" about the strength of the non-TBTF banks.

Also despite the strength in XLF until October, some banks such as PVTB and WTNY touched 52-week lows in recent days.
 
It's only 2 mins after the jobs number, with a 10.2% unemployment rate.

Equity index futures falling in response to the number.

However what is most interesting is that gold did not fall in tandem with the ES, in fact it is up by $2 or $3 since 8.30am ET.

I know these moves could change in the coming hours, but I still remain confident in my long gold / short S&P 500 pair, especially after the initial reaction to this morning's news.
 
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