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Fears that the market would sell-off on a very weak jobs number were unfounded. On Friday the market learned that U.S. employers axed payrolls by 533,000 in November, the most in 34 years but the Dow [.DJIA
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] closed substantially higher.
Considering that number was much worse than expected, we can't help but wonder, how could the market rally after this report?
Factor #1: Lagging Indicator
If there was ever a time to remind investors that the labor market is a lagging economic indicator, economists say Friday was such a day.
Once the knee-jerk, doom-and-gloom reaction was over, something resembling optimism prevailed as investors started to believe that the worst is over for the economy.
Factor #2: The Market Moves Fast
“What I think we should concentrate on is the 50% correction from that monster move that we made in the markets,” adds Jon Najarian. “ We saw 20% to the upside off the lows. Normally that would take 2 weeks. That’s a great example of what volatility will do.”
In other words, the market is moving fast. Very fast. "These days I’m in trades for one to 8 minutes rather than hours or days," Najarian explains.
And that’s how the market can close over two hundred points higher on such negative news.
Najarian’s Trades
Because most investors don't gets into trades for one to 8 minutes we asked Jon Najarian for some longer term ideas. He recommends Metlife [MET
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], The Hartford [HIG
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] and Prudential [PRU
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]. (And keep in mind for Najarian a long term hold is a month)
- HALFTIME REPORT: Plays for a Dollar-Dominated Market
- Your First Move For Wednesday November 10th
- Web Extra: The Best Trades In Tech
- Pops & Drops: UPS, Electronic Arts...
- Take Your Position: Retail Earnings
- The Return of Dividend Investing?
- Should You Believe in this Rally?
- Trading in this Technicals-Driven Market
- HALFTIME REPORT: How to Trade Senator Dodd's Financial Reforms
- Your First Move For Tuesday November 9th
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Trader disclosure: On Dec. 3rd, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Pete Najarian Owns (AMR) And Is Short (AMR) Calls; Pete Najarian Owns (FCX) And Is Short (FCX) Calls; Pete Najarian Owns (HIG) Calls; Pete Najarian Owns (UYG); Pete Najarian Owns (SBUX) Calls; Karabell Owns (AAPL), (FCX), (GLD), (GOOG), (JPM), (UYG), (DRYS); Seymour Owns (AAPL), (BAC), (F), (MER); Seygem Asset Management Owns (FCX)
Jon Najarian Owns (HIG), (MET), (PRU)
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