Labor Pains

7 09 2009

I confess that my heart was in my throat in the seconds that ticked down to the release of the job numbers. When they were released, neither the bulls nor the bears grabbed hold of the market. We had our typical “EKG” type madness, with a ten-point range covered within a span of a minute or two. As I’m typing this, the /ES is up 3, and who knows where it’ll be when you’re looking at it. Suffice it to say that we didn’t blast 30 points higher or lower on the news. It was – ironically – pretty much a non-event so far.

0904-ekg

It was also one of the very few times that I clicked on CNBC, and it didn’t take long before I clicked it off again. With an unemployment rate of 9.7% (which, we’ll all agree, is a kind estimate), the talking heads still found a way to say Gee It’s Not So Bad, much like a father would to a wayward son who produced a report card of all Fs, with the exception of a single, all-too-encouraging D-.

Since I took on a big short position in GLD yesterday, I was more interested in the overnight activity of precious metals. It’s interesting to note that the gold futures contract had a “close, but no cigar!” moment yesterday trying to reach the fabled quadruple-digit level. As of this writing, it’s down about seven bucks.

0904-gold


Disqus Note! Leisa just emailed me that Disqus is having troubles again (which is the equivalent of saying Bill Clinton is looking lecherously at women again). I’ll try to hail them, but it’s still pitch-black early out here.

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