Well, naturally they’re blaming the hurricane season, but for the first time in seven years, the monthly jobs report shows a loss. That’s rather remarkable……..nearly 90 months of steady gains (although, mysteriously, an ever-rising mass of people who have dropped out of the labor force forever), and suddenly a red bar. From ZH:
Strangely, the ES and NQ are down (for the moment), even though their normal reaction to ANY any news at all is positive. Let’s see if it sticks.
I’m particularly delighted that crude oil is getting beaten down, as I somewhat woozily did a post for my PLUS members, in the face of a horrific crude oil rally, indicating that it was going to be a one-day wonder and that we’d turn lower. The market gods have smiled upon me (and SlopeCharts) and made it so. (At the time I wrote, “The surge today has done nothing more than close up the gap(almost) between September 29 and October 2. In addition to this, we remain below the symmetric triangle. Until and unless USO (NYSE:USO) actually crossed above $10.70, it seems to me price bias is to the downside.”)