Despite a big, big selloff on Friday, the markets ended on a bullish note and in the green. Now that we have experienced the largest pullback since the beginning of the March 09 run up, maybe Friday’s key reversal will be the start of something fresh. Monday will tell.
Lots of employment news on Friday morning…..Yes NFP decreased by -20K. And even though November NFP changed from +4k to +64K, October went from -127K to -224K and December went from -85K to -150K! So even though we get a number the first Friday of every month to tell us, or warn us, what the employment picture looks like, it continues to change for months. They even added another 800K more people lost there jobs in 2009 than were originally reported! What’s the big whoopdee-doo about the numbers? Why do we go through this every month?
The VIX grabbed a 29-handle before it retreated to 26, basically unchanged for the day. So everyone was feeling cynical and full of fear in the morning, but all turned out okay. Boy, aren’t we traders weird?
Isn’t it time for the Treasury to start popping the U.S. dollar bubble yet?
Some interesting reading….
Bank failures to keep rising in 2010, despite GDP rebound
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