My first reaction was that this was a great report. Big headline gain in the establishment report. The drop in the unemployment rate seems great too, but then you look at the household survey (that determines unemployment rate) and it is showing job losses of 120,000.
I’m not sure where the jobs came from. I was surprised by the headline number. I am prepared to be pleasantly surprised. My first reaction again was that this is a great report and a clear buy signal.
Is the household survey a function of the big “unable to work” number? Maybe that explains it? I would be happy to get on the all is good bandwagon, but I’m struggling to reconcile my perception with the numbers and I would like to understand why the household was weak.
My guess is this is still a good report, but not great.
Back to Apple Watching
So will Apple finish the week as a $575 billion company or a $500 billion company. With 7 hours of trading left, both are real possibilities. Scary.
Still Neutral with a Bearish Bias
I’ve stared at the numbers, stared at the screens, stared at the TV, stared at my coffee cup, and just can’t get that excited. I remain slightly bearish and think that many of the world’s favorite long positions remain crowded with limited upside.
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