Employment Report: Nowhere To Hide?
“The estimates were for +150k, mine was way off — I expected +125. The 10 year Treasury is under 1.5%, now trading 1.469%.
Just before the report I sent out a ticker called Time is Running Out. Maybe I need to revise that to “time has expired.” The futures collapsed on this print, now trading down 27 handles on the S&P (or 2%) and nearly 200 points on the DOW.
This little “surprise” leads one to wonder about the late-day selloff yesterday — it’s known that the data is available to the White House the afternoon before the release. Did the Obama White House intentionally leak this to certain “favored people” in the banking system so they could sell off longs and get short before this number came out? Nothing would surprise me given the rank corruption that our government has displayed of late (Gunwalker anyone?)
Incidentally long-term unemployed rose dramatically from 5.1 to 5.4 million. That’s very bad.”
Via Market Ticker