The unemployment rate fell to 9.7% but the announcement left confusion since January is the month to do the reset for many of the data components. Regardless, once the number came out the Bears had much of their day's anticipated thunder removed despite an intraday decline of about 150 in the DJIA.
Sovereign debt issue during the week was part of the debt is bad mantra with many concerned ultimately about the U.S. and Britain. The result will be zero rates to avoid defaults, modest economic gains for a long time, and eventual commodity melt downs as the big bets on inflation and China fizzle.
Financial reform has become a joke as there seems to be a Washington thing for big money. What a shock. Since the country seems about evenly divided on party loyalty, there is no one to sway. The Tea Party folks are simply the same end of the universe aliens who have been walking in the desert since Goldwater. They are convinced their meetings will make a difference. Better chance of a large volcano erupting in central Illinois.
Markets will continue volatile trade between false hope and over stated disasters, so the numbers will fly around, but here are a few numbers that do not matter;
1. The DJIA 10,000
2 Any 200 day moving average
3. Any appraised value of any home in the last 5 years.
4. Any economic data produced by the Chinese government.
5. The number of times anyone says 'it is not about the money.'
