31 Oct Happy Halloween/Very Cautiously Floating
After being closed for 2 days, markets opened slightly positive but have since moved to the red as traders try to sort through the impact of Sandy. Trading volume is expected to be light due to an estimated 6 million people along the East Coast being without power and heat. Despite all the stories about clean up and rebuilding, the big economic question seems to be whether the Labor Department will still release the jobs report this Friday… The answer is “Yes”. This seems relatively unimportant based on the devastation at hand. Given the amount of work and repairs needed, certain company stocks like Lowes and Home Depot have moved higher from the open. mortgage bonds have moved another notch higher, so we will continue with a cautious floating bias. However, locking in before Friday’s jobs report should be strongly considered.