Market Outlook for Wednesday, Dec. 3rd: Down market

It is shaping up for a very volatile Friday when the Unemployment rate for Nov. and the Jobless Claims report comes out. They are projecting about 320,000 jobs lost in November but think it may be even worse.

If you bought the ETF Ultra Short Fund shares of SDS when I did, you might be able to cash out on Friday at about $118 or higher. I will not have outstanding orders going into the weekend as next week will be very tricky to predict. Think about how this is also affecting the psychology for Christmas shopping. It will not be a pretty picture in January when we review Retail Sales figures.

It is my view we will retest 7,500 previous low of the Dow in the days and weeks ahead and may go further down to the 7,200-7,300 level, which is where the bottom was to me and I have been saying so for months now. Even so, it isn't much lower from 7,500 but it would connect to the uptrend line from about 1985. We must and will hold at those levels. Hopefully from there we will stabilize and start the climb again with President Obama unveiling his
hope" for America.