Days like today are interesting and telling:
The October Jobs Report, announced by the BLS this morning, was brutal. Employment dropped 240,000 in October and September job losses were revised up to 284,000 from 159,000. That’s a lot of jobs being lost!
On the surface, you’d think the market would be down after a report like this. But investors have been expecting a terrible number. Part of the selloff the last two days was in anticipation of an ugly number. So far at least, it seems like it was already priced in and you get: Horrible Jobs Report + Horrible Expectations = Up Market.
We’ll see if it can hold through the end of the day…..