The worst employment report since world war 2. There was no job created in August.
Prior Consensus Consensus Range Actual
Nonfarm Payrolls - M/M change 117,000 60,000 -5,000 to 150,000 0
Unemployment Rate - Level 9.1 % 9.1 % 9.0 % to 9.2 % 9.1 %
Average Hourly Earnings - M/M change 0.4 % 0.2 % 0.0 % to 0.3 % -0.1 %
Av Workweek - All Employees 34.3 hrs 34.3 hrs 34.3 hrs to 34.4 hrs 34.2 hrs
US is in recession.
Jobless claim was lesser then expected. But the productivity slided to -0.7% which is all time since 1991. The market is still up because wall street guys think the tumor is small and it looks like the market will rally again. What they are forgetting a small tumor still leads to death.
Yesterday the conflict for President speech continued between Democrat and Republican.
The consumer confidence this week was 44.5, ADP report showed 91000, Chicago PMI 56.5 compare to last month 58.8, MBA composite index -9.6%, Refinance index -12.2%, Dallas Fed Mfg survey showed production indes at 1.1% compare to prior 10.8% and Bus index activity -11.4% compare to prior -2%
DJI on Aug 29th, 2008 was 11543 while on Aug 31st, 2008 116123. Today it reached bottom at 11528. September and October is considered to be the worst month for stocks.
Things will change dramatically
1. September 2nd, 2011: Employment situation 8.30 EST
2. President speech on Sep 7th, 2011, 8 pm EST when he called joint session of congress, while John Boehner want it to delay on Sep 8th, 2011.
3. Germany's top court to rule on euro bailouts September 7
4. FOMC meeting on Sept 21, 2.15 EST
Data suggest US is 99.99% in recession, while economist say US 0.01% away from recession and thats the reason for stock rally.
September 22nd will be major change in the market. Stock may rally upside or downside depending on the outcome of the 4 major event.
With so much uncertainty hold on VXX, TZA and GLD, if thing changes hold on SPY, DIA, QQQ
Prior Consensus Consensus Range Actual
Nonfarm Payrolls - M/M change 117,000 60,000 -5,000 to 150,000 0
Unemployment Rate - Level 9.1 % 9.1 % 9.0 % to 9.2 % 9.1 %
Average Hourly Earnings - M/M change 0.4 % 0.2 % 0.0 % to 0.3 % -0.1 %
Av Workweek - All Employees 34.3 hrs 34.3 hrs 34.3 hrs to 34.4 hrs 34.2 hrs
US is in recession.
Jobless claim was lesser then expected. But the productivity slided to -0.7% which is all time since 1991. The market is still up because wall street guys think the tumor is small and it looks like the market will rally again. What they are forgetting a small tumor still leads to death.
Yesterday the conflict for President speech continued between Democrat and Republican.
The consumer confidence this week was 44.5, ADP report showed 91000, Chicago PMI 56.5 compare to last month 58.8, MBA composite index -9.6%, Refinance index -12.2%, Dallas Fed Mfg survey showed production indes at 1.1% compare to prior 10.8% and Bus index activity -11.4% compare to prior -2%
Things will change dramatically
1. September 2nd, 2011: Employment situation 8.30 EST
2. President speech on Sep 7th, 2011, 8 pm EST when he called joint session of congress, while John Boehner want it to delay on Sep 8th, 2011.
3. Germany's top court to rule on euro bailouts September 7
4. FOMC meeting on Sept 21, 2.15 EST
Data suggest US is 99.99% in recession, while economist say US 0.01% away from recession and thats the reason for stock rally.
September 22nd will be major change in the market. Stock may rally upside or downside depending on the outcome of the 4 major event.
With so much uncertainty hold on VXX, TZA and GLD, if thing changes hold on SPY, DIA, QQQ
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