Tomorrow the market will obviously trade against this release, which in the short-term, first hour or so, will move the market and even possibly a little longer than that based on the implications of the Fed response.

At 8:30 AM ET we get the Non-Farm Payrolls report for May

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The unemployment rate is expected to be unchanged at 7.5%.

This will be the most closely watched report in some time.
For one thing, the market is the most wobbly it’s been in quite some time. The 5%+ greater decline from the recent peaks is the worst drawdown since last Autumn.

And everyone is Fed obsessed, and wondering when Bernanke & Co. will start “the taper.”

Plus, we got some weak data this week, so there are some newfound economic concerns.

So here’s what I think will happen. At 0830 the report is released. Momentum from today combined with the report creates higher prices up to about $164’ish, and then the news is sold.

Thus if you are ‘daytrading’ and this is only valid for this time frame, you are looking to get short at around that price level.

Remember markets can do this;