The markets ran this morning when the reports came out showing a decrease in the number of initial, as well as continuous claims and the more than expected increase in worker productivity. They then meandered for the rest of the day, closing near the highs of the day. Advancing isssues outpaced declining issues at 7 to 1. The bears were heard sniffling, “What happened?”
Now for the bad news….an increase in productivity means there is no need to hire more people, so the job picture to get better will be delayed a bit. And continuous claims decrease is probably from the long unemployed falling off the insurance rosters. Such comforting news.
I played the same repretoire today as yesterday: ES TNA and TZA. I had TNA from yesterday and was happy to see the markets open to the upside. In my jubilation I cashed out too soon. If I had held on to TNA for another hour I could have doubled my money, but a profit is a profit! Better than chancing a reveersal. Oh well.
This week’s big kahoona report, the Non-Farm Payroll report comes out Friday morning. It’s not very often that the NFP comes out just 2 days after an FOMC meeting, and it has a wild reputation as well for making crazy markets. So watch out 
Some articles to explain the day:
U.S. Worker Productivity Jumps
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