The morning of the day when SP made 1600

It's 7:45am, May 3, 2013 before employment report hit the wire. Several veteran traders already predicted accurately.

Thursday’s market was the usual: NEW HIGHS despite bad news. The S&P notched new records because the European economic situation is so bad that Super Mario of the ECB cut interest rates. The foolish among us who short the Stalingrad & Poor 500 for long periods of time covered, which sent it higher.

Friday’s market moves may be influenced by the monthly employment data – especially if it is bad. After all, since bad is now good, Fraud Street will be pricing in more QE from Chairman MaoNanke…and buy. If it is as-expected, then it’s not bad so they will buy. And if it is good, Fraud Street will exclaim that it must mean the terribly-bad job market is over…and buy.

Either way, it should trade to 1,600.00 and perhaps higher. The only thing that matters is more and more “stimulus.”