Yo, Pit Crazies,

Today’s non-farm payrolls number was a bit soft.

There was growth – but 263,000 added was below expectations of 275,000. Meanwhile unemployment rate was down .2% to 3.5%

A hard number – meaning payrolls are jumping – and the Fed would have had to keep its foot on the gas.

What we got was a little murky.

The Austrailians already soft-pedaled their rate hikes this week and that was good for a 5% gain in stocks.

This is the most televised recession in history.  Oh, yes, we are already in one. Why? Because the government spending has to plummet. That is the only way.

Meanwhile, commodities are starting to flex.

What is the mystery chart?

Industrial Metals like iShares Silver Trust (Ticker: SLV)!

Bill Griffo has been all over me in Capitol Gains for silver.

And today could be the day after the non-farm Payroll number.

2022 has been like an opposite land where just about everything is running opposite to how one should think it goes.

We have inflation, but commodity prices are in the basement.

We are in recession, but jobs are still good.

The push for EV is driving oil prices higher.

I don’t make the rules, I am just trying to ride them.

I think it has something to do with the post-Covid renaissance, but that is just a theory.

I like the long SLV trade, probably near the money calls, and I think Energy is still hot.

The Rundown

SPYMaster

I had a quick 1 day turn in SPY put/VIX put pair for a 9% gain on Thursday.  I thought it better to close before the NFP number.

Power Income Trader

Bill closed a SouthWestern Energy Corp (Ticker: SWN) Sep16, Oct14, Oct21 8/7.5 call diagonal for a 47% gain

To Your Trading Success,

AG