(As of 7:24 am pacific)
It’s all about the numbers
today. The employment numbers that
is. The unemployment rate came down
sharply to 7.8%, the lowest reading in years.
But the question has to be asked; is the number politically
doctored? The job creation was not that
great and it just seems very coincidental that the month prior to the
Presidential election that the rate should experience a surprise drop, with
very little backup supporting numbers. I
don’t think the markets will continue the positive response elicited from this
one statistic, but there certainly is a momentum carry-forward from prior
positive news. The markets are up
marginally today. Gold and oil are down
moderately as is the dollar. Interest
rates continue to recede to more historic lows.
Markets are ignoring very weak numbers out of Asia, and discounting the
European debt crisis. It seems that
traders are experiencing a bit of euphoria.
While numbers have been good, I sense it that very much is expected of a
still marginal situation with a lot of potholes in the road ahead.
