Wall Street Upset By Jobless Rate
from the yeah,-well... dept
Stocks dropped today, and people are blaming an increased jobless rate. Apparently, a lot of people have been applying for unemployment. What I find amusing about this is that it's Wall Street that's been causing a good number of these unemployment applications by telling companies they need to cut costs by laying off employees. Now, they're upset that people are out of work?
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backwards
This is backwards to what I've seen happen in the past bull market. I can recall Wall Street rallying on job cut news because they claim the businesses will be run more efficiently. However, this may just be another sign that we are in a bear market. During a bull market, Wall Street shrugs off bad news and really rallies on the good news.
The nasdaq composite seems to be touching a downtrend line on the monthly chart. I guess the next week or so will provide more evidence on which direction to take. Probably any breakout will turn out to be false and you can short some more.
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Re: backwards
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