New jobs for the month of June soared by 287k v estimates of 175k. A ripple effect that suggests the Fed will hike rates just reverberated throughout the market.
Gold plunged, -1.6%
Treasury yields soared. The US 2yr is 0.625%
The dollar is firming
And lastly, futures are spiking, now +92.
If traders took the cocaine straws out from their noses, they’d realize we’re in a catch 22, Morton’s Fork, scenario. All roads leads to Damascus.
A Fed hike will be deleterious to the economy. One needs to accept the fact that more jobs at TGT and WMT doesn’t mean the earnings recession we’re mired in will improve. The Japanese economy has enjoyed a very low unemployment rate for years, yet their economy sucks.
In other words, a better NFP number is meaningless, complete rubbish. The Fed can only menace the markets will higher rates. They can’t really do it without causing a catastrophic drop in the indices.
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The IT Director of my department announced yesterday that in order to keep up with the growth of the company, and keep costs down, they are considering hiring part time workers. That is a sign to me that they are expecting wage inflation, and need to come up with a way to stave off some costs of benefits. With wage inflation, come general inflation…
Git your gold after this sell-off.
People here have jobs? I was under the impression everyone was a freewheeling, independent day trader wealthy beyond their wildest dreams, dispensing only the best advice. Guess I better get my resume up to date. Quitting WMT might have been a bit reckless. I’d worked my way up to #2 in Pet Supplies.
LOL.
All data, beats and misses, are carefully orchestrated to avoid a real drop in stocks. The same is true for 100% of what the Fed does. These ideas are not conspiracies anymore and are openly suggested by large banks in their papers. Hillary Clinton is on the doorstep of the White House. Honesty and Integrity are things of the past and pretending like they matter one bit to those in power is cute in a stupid way. The new killing it is accepting everything at face value because the greater fool is everyone else.
“Sick bro! This data is totes fake but everyone else buys it. Getting even longer bro!”
The entire stock market is nothing but chart-addicted pajama traders.
At some point the pajama traders will realize that they are all the same person, that none of them have an edge over their clones. That is when the market will tank. Coincidentally that probably occurs around November elections.
30 YR Treas now up an 1/8 point, this market is psycho
17/32s now
Gold/silver now green too, all fearless of any fed hike
That was one nasty reversal.
The Real job of the Fed is to create bubbles and then prick them. Which is just about what we had before the Fed existed.
i thought last month’s job number was bad though….so we play the back and forth game? isn’t June just summer teen jobs anyway?
Takeover rumors in $TLT and $GLD….
LOL. Good one. Someone taking all the bonds and gold on earth.