Friday, October 8, 2010
In a blog post I wrote on Monday, I predicted that if Friday's jobs report estimates were to be expected or better, the market would spike a couple hundred points, and if the numbers were worse, the market would still go up even if moderately, because it has zero connection to the real economy.
Bloomberg- "The U.S. lost more jobs than forecast in September, reflecting a decline in government payrolls that shows the damage being done by rising fiscal deficits. Employers cut staffing by 95,000 workers after a revised 57,000 decrease in August... the median estimate of economists surveyed by Bloomberg News called for a 5,000 drop"
~ Wall Street started the day up 25pts on the news..
Maybe the day's trading will end at a minus but I doubt it.
Update: 7:30p EST- Yes I called it correct on Monday- the EVIL Stock Market went up 58pts after the horrible job report numbers came out. When billions upon billions in free government money is pumped in to the markets to delude people into a notion of 'recovery', you get numbers that never reflect the true economic small-d depression we currently are in as a nation.
Posted by Susquehanna at Friday, October 08, 2010