As a speculator all you need to know in 30 seconds.
The dollar was up early in the morning... that created pressure on gold, and equities which were down relatively substantially.
Federal Reserve member Bullard hinted that QE2 was not guaranteed in November... indeed it may get pushed way off into.... December. Or not. Whatever the case, even the 1% chance free money would not rain down on the speculator class immediately caused hand wringing.
The employment data came out at 8:30 AM ... it was (insert Charlie Brown's teachers voice here)
The dollar was hit, gold reversed from down moderately to up moderately. Stocks erased almost all losses.
(for those who still actually care about data points: hours worked were flat, wages were flat, the unemployment rate talked about on the TeeVee is 9.6%, U-6 spiked from 16.7% to 17.1%, and the birth death model only created 11k jobs... but don't worry, for the 24th? 26th? month in a row employment is a "lagging indicator". Plus that spike in temporary jobs over a year ago surely means a surge in full time employment... any month now. The "models" say so, and who doesn't trust the models?)
The only chart that matters anymore - the dollar is swimming beautifully along the lower bollinger band, and remains dramatically oversold.
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows