You too, Mohan. Are the Vols playing UK? It's pretty funny how the markets respond to that silly report. This is what I had to say about it last night in my market commentary:
"Unfortunately, humans lacking super powers (read economists) have a dismal track record predicting the jobs number. And while it's subject to huge revisions and at the mercy of seemingly incomprehensible seasonal adjustments, it always attracts a disproportionate amount of attention which can result in huge price swings. And that's more likely today than usual. Trying to look at it from an “outsiders” point of view, it's actually quite bizarre to think that so many hundreds of billions of dollars will turn on one unpredictable government report. Then again, an “outsider” with a short course in market history would also find the repetition of “new era” manias and the inevitable results also to be very odd. Human nature is a wonder to behold, and is the immutable force behind the beast. Be that as it may, in the short-run it appears that, irrespective of all the other data, we're likely to have a big ramp on a friendly report." |
