There isn't much to say about last Friday's NFP data, surprising as it may be. Last week I said, "The market is once again waiting on the Fed...er, ahh...waiting on the Non-Farm Payroll report.
"Sure, the NFP data is important but the market's reaction...to how the FED will react to the NFP number...is what matters. Said another way, the FED and its interventionist policies to the data are all that matter...not the data itself. Aint it grand?
"Gallop believes the unemployment rate will rise. We will find out soon..."
We found out alright: it was much worse than expected. In fact, the Monthly Jobs data for September was nearly TEN TIMES worse than thought. And since the news was so bad - it was good. How? Because it is now believed QE2 is guaranteed.
Previous Day's Trading Room Results:
Trade Date: 10/8/10
E-Mini S&P Trades*
(before fees and commissions):
Trade Date: 10/8/10
E-Mini S&P Trades*
(before fees and commissions):
1) FT sell @ 9:32am at 1153.25 = +0.25 (1)
2) Algorithm positions (4)
3) “Reading the Tape” positions (3) combined Secret’s, Algo, & “Reading the Tape” total… +6.50
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