This is what I was hoping might happen. It seemed to me that yesterday's drop was overdone, especially given the reasonable chance that today's report would be optimistic. And if it wasn't? Thursday's fall was SO large that the non-farm payroll numbers would need to be truly awful to warrant still more selling.
Or so I thought until I read all the predictions for further collapse this morning.
We'll see how UAL and KGC do today. KGC was the larger buy, and gold is falling right now.
If, as the article says, the numbers are viewed as "an incredible surprise," then I think I'll have a good weekend.
Futures Jump After Positive Jobs Report
Published: Friday, 5 Aug 2011
By: CNBC.com and Reuters
Futures rallied Friday after a government jobs report that trumped expectations, following a sharp global selloff across in the previous session as investors were rattled over fears the European debt crisis was spreading to Spain and Italy.
Hiring picked up in July as the Labor Department reported employers added 117,000 jobs last month and the unemployment rate dipped to 9.1 percent, an improvement from the past two months. Economists had expected a gain of 85,000 jobs.
"Wow! An incredible surprise considering the horrific macro points we've received the past few months," said Todd Schoenberger, managing director of LandColt Trading. "Personal spending, manufacturing, GDP—all of this kept traders awake at night."
"Risk will reenter the markets, especially after yesterday's poisoned session," added Schoenberger. "Look for yields to rise, as well, with investors shifting allocations before the weekend."
Full story: http://www.cnbc.com/id/44031109
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