I was trying to find the post in which I talked about the NFP, it being a wild card and how many times in the past there have been situations like this, (in the post I was describing what could happen on an NFP miss like today's), the point being that once Wall Street sets up a cycle, there's very little that will get in their way from completing it. In the post I mentioned how the propaganda arm (media like CNBC and certain financial sites) could spin the data as being QE positive and talked a lot about the QE "hopeful Crowd" and their interpretation of any bad economic news as good market news because they expect it will usher in QE. I also talked about Gold as being their sentiment indicator, when GLD has risen recently it has been on bad economic reports, gold has the most to benefit from QE, so the QE Hopefuls show their QE sentiment in Gold's action.
The point of the post was you have to be careful with knee jerk reactions (especially in early morning trade which is usually deceitful any way without economic data to influence it). If Wall Street wants the market higher, they have the ability to lift it even on a horrible NFP print-the "QE situation" above is one such mechanism.
So these charts establish a baseline, we'll see where they go in to late morning.
One final note, this is also why my AAPL Calls yesterday were considered a speculative position, my main bias and bulk of commitment is nearly all short, running a trade that is counter to that in my view is speculative and risk management should reflect that, however it is also speculative in size so I can give the market some time in case of an event like this morning, to let the smoke clear and see where this is really going, early a.m. trade and emotional knee jerk openings aren't the best for that kind of analysis.
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