I don't get upset at the market very often, it is what it is, but personally (not in my fund) I was trading a few futures contracts that had me a little more vocal at my computer screens than usual.
This is totally absurd. We have 1.35 million futures contracts that have traded. Yesterday this time I think was about 500k. Compare that to the cash market where you have 420 million shares traded. This time yesterday was over 500 million. So the cash market is dead, deader than a doornail. the futures market is going beserk getting jammed ruthlessly higher.
Today we had a horrific jobless number. Remember this was one of the first green shoots supposedly telling us that "all was well." Not only did we not break the 600k number to the downside, last weeks number was revised up and this weeks number was back to mid May levels at over 620k. Now in the whacky world of markets the fact that it was bad could be construed as good for the markets. It is the only thought that I could come up with that even comes close to explaining rationally what is going on in the markets today. (a futile exercises I know) The thinking goes like this. The Fed statement was bearish yesterday because it showed the Fed was content doing nothing and talked about inflation which means the magic elixir of liquidity juice may be coming to a halt. The fact that you have bad jobs number means that wouldn't be the case. The Fed will hold longer to keep money sloshing in the system. The problem was the number seemed so bad that it should trump such logic.
On top of that, you have Bernanke getting positioned to get pushed out by Congress, if not now in January, to open a spot for Summers. That can't be good for the markets.
Regardless jam jam jam job up up and away. We broke the trendline. I got out of my futures contract at a nice loss. Thank-you invisible hand, whoever is deciding to continually jam this market higher.