Nonfarm job loss 354,000 for may, now 9.4%
As i sat watching the job number come out, i watched the futures rise. and rise and rise. Futures rose before the number came out, eventually topping out at up 120 after the number. People are making the best of crappy news, im tired of it.
Market opened we gapped a bit then traded up 70 points then back down. To me this shows we hit resistance then pulled back under where we are now up about 28. For today i think we will probably close flat, not much volume and or volatility on a nice spring Friday. Where are we gonna top out in job loss you might ask? I’m thinking we will see well over 10% before the numbers start looking better. WE need 200,000 new jobs a month just to keep the number from going lower. I do NOT see this happening in the next year.
BTW Steve jobs is returning to Apple, this could be bullish for apple.. I know there was a lot of talk about it being overvalued… who knows how this trade will play out.. but have Apple on the radar.