Don't worry though folks. The trading robots have your back. Stocks are basically flat on the news which is flat our ridiculous. Here are the numbers from the BLS:
"The unemployment rate edged up to 9.8 percent in November, and nonfarm payroll employment was little changed (+39,000), the U.S. Bureau of Labor Statistics reported today. Temporary help servicesand health care continued to add jobs over the month, while employment fell in retail trade. Employment
in most major industries changed little in November."
Stocks basically ignored the report thanks to the black boxes but the currency markets didn't. The dollar got slammed and gold rose $14 dollars on the news.
Here is a look at the buck:
The Bottom Line
I wouldn't be surprised to see gold move higher later on in the session. The drop on the dollar is ugly when you think about how bad things are in Europe.
The reality here is we continue to QE and it's not working. Meanwhile, many countries are now heading in the opposite direction by using extreme austerity as they begin to pay back their debts.
Austerity is coming to America folks whether you like it or not. The US dollar is going to get destroyed and inflation will then soar if we don't. Enjoy this stimulus filled market while you can because it's days are numbered.
At some point the bond market is going to call out America on it's bloated debt load just like it has in the land of the PIIGS.
When it does and the Fed stops spending: The music will stop, the party will be over, and it will be time to for the hangover which isn't going to be pretty.
Today's jobs report is just more proof that we are pissing away our wealth via policies from the Fed that are a complete and total failure.
How many more hundreds of billions do we have to spend before we realize this isn't working?
Recoveries are built on jobs. Without jobs, consumers can't buy houses, flat screen TV's, and all the other useless toys that none of us need.
The consumer represents 70% of our economy. Without them we die as an economy.
Anyways, I will end it here because I am sure many of you have some stocks to buy for no fundamental reasons.
I mean that's what we do here in America these days right? The worse the economy looks the more stocks we buy.
Someone please wake me up when this episode of "The Twilight Zone" finally ends.