Hello Mattie;
>>>What are Ralphs targets?
Accoording to Suresh: 1150 for SPX, 1850 for NAS as year-end targets.
I just found out about this leak (http://biz.yahoo.com/rf/981105/blk.html).
This is interesting. So, we already know what tomorrow's labor data is and we traded on that today. Then, there is no reason to rally tomorrow morning.
.....And I read about what AG said too....yet, stocks rallied(!)......Sort of saying, hey it is great. We are better off now than we were six weeks ago since we got most countries to lower interest rates(stimulating their economies and helping corps. bottom line) and if AG is correct we don't have to worry about recession after all. Cannot get any better than this.
Should be a choppy down day tomorrow. If we gap up at the open, I am thinking of reversing. DOW is getting awfully close to 9k and 1854 for the NAZ is also trouble.
Clint
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Thursday November 5, 6:17 pm Eastern Time
U.S. Oct payrolls data released after Internet leak
(Updates with more quotes, details)
By Knut Engelmann
WASHINGTON, Nov 5 (Reuters) - The U.S. Labor Department on Thursday hastily confirmed that payroll
employment grew by 116,000 in October after the data was released inadvertently on the Internet ahead of its
scheduled release on Friday.
After rumors of a leak swept through world financial markets, several Bureau of Labor Statistics officials confirmed to Reuters that payroll
employment grew by 116,000 in October. Financial markets had expected an increase in payrolls in October of around 178,000.
''That's correct,'' Bill Parkes, assistant to the commissioner of the Bureau of Labor Statistics, said when asked about the key payroll
employment number of 116,000.
The bureau later admitted the reported had been leaked on the Internet and said it was investigating the error.
''Part of the report was issued early,'' said Labor Department spokesman Carl Fillichio. ''We are investigating it.''
The early release of the lower-than-expected employment figure caused chaos in financial markets and helped to boost the prices of U.S. bonds
as it prompted traders to think that the Federal Reserve was now more likely to cut interest rates.
''The numbers certainly indicate a slowdown in the labor market. It increases the likelihood the Fed will ease at its November 17 meeting,'' said
Marilyn Schaja, an economist at Donaldson Lufkin & Jenrette Securities Corp..
The Bureau of Labor Statistics later hastily released more of the October employment report on Thursday. The report had been scheduled for
issue under tight security at 8:30 a.m. EST (1330 GMT) Friday.
Fillichio said he did not know whether the information had hit the Internet some time late on Wednesday or early on Thursday. The department
pulled the information from its Web site when it became aware of the release.
Fillichio said no decision had been made yet on when the full report would be released.
The employment statistics are the most important report on the economy issued by the U.S. government. Financial markets eagerly await the
data every month as a key indicator of the health of the economy.
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