Hey folks, I have to let you know about a new trading tool I have.
That bullish reversal call on CNBC on January 23rd? In addition to the other indicators I track, I have another "special" sentiment reading. Its become my secret weapon.
What is it?
As a group, it seems that traffic to blogsites can be tracked as a contrary indicators — especially when the market is under pressure.
Note that the selloff in August, and then the more recent whackage in January, each created a major traffic spike — which led to a bottom, and a healthy bounce.
Sitemeter traffic to TBP as of January 30, 2008
Now, maybe the content here suddenly got much better. It could be that I suddenly became a whole lot more insightful, or perhaps my prose more poetic — but I doubt it.
What most likely occurred was the market turmoil generated an influx of new visitors.
For those of you who have been wondering, here is the data on the 2007 Benchmark Revision. The good news is when looking at the total employment situation, believe it or not, BLS was pretty accurate. Their models of employment came within 0.2% of the actually measurement of jobs. Where they fell down was accurately…Read More