Written by Gary
Midday Market Commentary For 09-06-2013
Talk about blatant market manipulating, today is an excellent example of how the powers to be can move markets at will. Today's averages started out at point A, flash crashed to point B and have since moved back to point A as volume sinks to abysmal levels.
What a joke, unfortunately the joke is on the little guy and the sheeples who were talked into this casino house of cards while the bankers are laughing.
If you still think the jobs report was good enough, think again. The 'real' employment rate climbed to 11.4%. The quality of jobs filled was 'not-so-good' as reported by Zerohedge below.
While we already have the [qualitative] components of today's jobs number (horrendous), here is the qualitative breakdown.
For the time constrained readers we will jump to the conclusion: absolutely abysmal, to a degree perhaps not seen in years.
Of the 169K jobs added, the vast majority, some 144K or 85% of the entire August gain, consisted of the lowest paying jobs possible:
+44K jobs added in Retail Trade
+43K added in Education and Health
+27K added in Leisure and Hospitality
+17K added in Government (looks like sequester effect has finally "tapered")
+13K added in Temp Help services
The DOW at 12:15 is at 14974 up 109 or 0.24%.
The SP500 is at 1661 up 6 or 0.34%.
SPY is at 166.54 up 0.56 or 0.36%.
The $RUT is at 1033 up 4 or 0.39%.
NASDAQ is at 3668 up 9 or 0.26%.
NASDAQ 100 is at 3142 up 12 or 0.39%.
The longer trend is up, the past months trend is bullish, the past 5 sessions have been sideways and the current bias is sideways.
WTI oil is trading between 108.12 and 110.34 today. The session bias has turned negative and is currently trading down at 109.94.
Brent Crude is trading between 114.87 and 116.55 today. The session bias has turned negative and is currently trading up at 115.86.
Gold rose from 1361.78 earlier to 1392.65 and is currently trading up at 1386.80.
Dr. Copper is at 3.258 from from 3.287 earlier.
The US dollar is trading between 82.65 and 82.06 and is currently trading up at 82.23, the bias is currently sideways.
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Written by Gary