BAD IS GOOD AND GOOD IS BAD

So the job numbers came in at +75K and everyone is all excited and the futures are ramping higher. Why? Well the number was supposed to be +170K and maybe the economy is slowing and the FED is now done since there motto is "we are data dependent." And where was Larry this morning?

So it looks like the motto of the day will be "the fed is done" but keep in mind that next week more numbers will come out that may show a strong economy or high inflation and the motto will change to "only 1 or 2 more raises." That is what makes markets and makes happy traders.

Keep in mind that on a relative basis the markets are quite overbought especially this morning with the latest ramp. Shorts who decided to short the rally after the recent sell off are going to be stopped out this morning causing additional fire power. This is one of the reasons that shorting stocks is so difficult and why as a general rule I do not recommend it and don't do it except on a very short term basis.