Today’s Observations Friday Sept 3, 2010, 7:35 am:

EUR/YEN ratio is 108.4480 which is positive for equities

However, its all about the job report today IMO.

What was strange yesterday, is the amount of “puts” bought which usually spikes before past jobs reports “because of fear” did not spike yesterday, and instead, went down.

In plain English, it means that a low percentage of investors bought insurance and or very few are betting on a “really bad number”.

Is there a correlation here? I don’t know, I’m just reporting the data so we check this out for the future reports.

1,090 level we closed at were the high’s of the day.

No matter what happens today, there are many who believe we could have bottomed for the current August downturn and should run higher until the middle of next week.

I do not pretend I know, but I do layer in and out of my positions and I trade according to the prices.

Buy the dips sell the rips.

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