the big theme on friday was unemployment.
the july nonfarm payrolls were twice as bad as economists had expected and the stock market spent the entire day trying to recover. it nearly did.
spx closed at 1121.64, a modest loss but did reach a intraday low of 1107, which fell below the 200ma, first revisit since last monday. still, the spx returned 1.8719% for the week and the counts were:
1-0 buy
3-0 sell weekly
3-0 buy monthly
after the new york close around 5pm, hp pre-announced their earnings and in keeping with the day's theme, added their ceo mark hurd into the nation's pool of 15 million job seekers.
it appears that hurd was caught sexually harassing an employee but did leave hp with nearly $30 million in cash plus other benefits
Unlike most of the nation's unemployed, hurd may not be job hunting right away although with his track record of firing people in bulk to cut cost and increase earnings per share, most of the larger companies will be calling him. no need to pity this schmuck.
hpq after the news dropped to as low as 39.92 from the new york close of 46.30
(nice resting order for these bargain hunters!)
at the us composite close of 41.85
we have these counts:
1-0 buy
1-0 buy weekly
4-0 buy monthly
without the hurd affair:
1-0 buy
3-0 sell weekly
4-0 buy monthly
not really a long term investment for chiu index but is certainly a trade come monday if that 39-41 area is retested.
paul
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