NFP Numbers Decent -- Hence Back To Complacency...

The NFP was a non-event (243,000). With exception of a little volatility in fixed income, the rest of the asset classes, especially equities, took the number in their stride and just proceeded to rally, almost as an afterthought. My target for the SPX remains the same. I am still mildly bullish but I have taken my bear jacket to the cleaners around the corner (no pun intended) - I will be getting ready to put it on some time early next quarter.

One mildly amusing note: the market is looking grrreat right now, but the darling GOOG simply can't rally -- it's trading at a $333 or so, which is a 6-month low; in fact, it has closed its breakout gap here from its 3Q'05 earnings. So, GOOG is not looking so healthy -- I sense a little desperation from the longer-term holders who are obviously finally trying to get out of the name at these levels -- hence, I will be putting some cheeky bids soon, just like I said before, in the low $300s. GOOG volatility is still a bit too high for my liking to get involved with options -- one-year at-the-money vol is around 42% right now, I need it in the mid-30%s before I start to get interested to play direction through its options.