The textbook nature of this day astonishes me. The banks and financials in general open up and then as we get close to the "Big Bad Event of Unemployment Day" they halt, and then, quietly, and without anyone focusing on them, they rollover.
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Take the disturbing action in
, one of my fave banks. The stock ramps from the get-go, courtesy of a
price bump-up, and a great trade gets made. But as the clock ticks inexorably toward 8:30 a.m. tomorrow, sellers come in and the next thing you know, it is down. Similarly, a minute-to-minute chart of the
shows the Thursday-before-unemployment Friday jitters to a T.
, unimpeded by a 6.4% or a 6.6% or a 6.8%, rolls merrily along, each bond blip just another savory buying opportunity. The amazing thing is that this script could be written
every single time
on the eve of an employment number. Just so you know the way it ends, they rally tomorrow.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at