Sunday, August 9, 2009

247,000 Americans lose jobs ... CNBC celebrates

Getting kind of frothy!!! CNBC is celebrating.

The stock market is getting kind of frothy. It is very overextended, overbought, and every other type of over you can think of. With the news Friday from Freddie Mac that they actually turned a profit, it may continue it's upward march Monday morning.

Friday, CNBC was celebrating the fact that another 247,000 Americans lost their jobs. We are still in a period of job loss. The employment numbers rose, but we must consider how many people fell of the jobless roles. Once your unemployment benefits run out, you aren't considered unemployed anymore.

The crooks on Wall Street will most likely take this market to 10,000, but if you aren't in the market, you don't want to chase it. It may be wise to wait for a pullback to the 950 range for the S&P if you are looking for an entry point.

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