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10/03/2008

Vanishing Jobs

The jobs report just came out from the Labor department, and the figures are somewhat worse than the consensus predicted. The losses are the greatest seen in over five years (since March 2003). Looking at my streaming charts, the immediate reaction was (a) the EUR/USD taking a quick tumble {that is, a stronger dollar}; (b) the equities as measured by @ES0812 pushing a little higher, from about no change to positive 7 points as of this writing (a little less than an hour before the opening bell).

My core wish is that this house vote gets done before the market closes today. I think we're all sick of waiting. Of course, there's no guarantee at all this will happen. But this entire Congressional thing is like a psychosis on the entire market, worse than all the FOMC announcements and earnings seasons combined.

I see the S&P is now higher by low double digits now. It's going to be a weird day, I can tell.

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