$SPY ripping after the jobs report came better than expected, putting the rate of unemployment at 7.7%. So far my 156.45 target is within reach, and today’s rally will contribute a lot to the $NYMO that should have an explosive push towards the overbought territory.

I did read an interesting interview with Nouriel Roubini this morning where he talks about the severe impact in the United States economic growth as the taxes will increase and the government will reduce the spending. The so famous “sequestration”.

If you want to read the whole article please follow this link: 

Nouriel Roubini: Brace for Market Correction Later This Year

In my opinion he is right, but at the same time that we will have some couple of months ahead of us, once the dust have settled we will rise again much stronger than any other economy around us, who have never really had to deal with the impact we had in our economy.

Emerging countries, are as the name describe them emerging, I like to refer to them as “rookies”. The reason is that these countries are still dominated by a lot of corrupt people who control everything that goes in or out of the country, and treat their population like puppets, while they suck their hard earned money with so many taxes, that being rich in those countries is a privilege for a few mortals.

European countries are mostly socialist, and their mentality is that every citizen should be equal, but that doesn’t really work since not every country will to succeed is the same. I really don’t want to get into details in that since that drives me nuts.

That is why I like to invest here in the US, because we always end up working things out before anyone else.

$SPY 1st support is 154.99 2nd support 154.59 and 3rd is 154.23