Markets went "hog-wild" with overseas news and jobless numbers today, going into the opening of this market day. We were ready for a drop from the start, however, the jobs numbers was announced and the markets become mixed. Can you imagine when a number becomes revised its a positive thing? Well, the number was revised for a drop to 9.5% down for 10%. It appears that the number is a lie and does not compensate for the US Americans that have stopped looking for work, and will not return anything soon. Temp workers increased in the report and temp is a temp, this is not a continuous job.
The Dollar screamed higher, the markets drop on the dollar rocket, over 100 points during the day. Dropping the markets below 10K; during the day. Once the dollar started coming into supply, we started to gain some ground in the stock market. End of Day recapturing the 10K level. It was a pretty light all day, we believe there was a bounce, as the table was set for the weekend.
(1) SEC Chairman Mary Schapiro (She's short on details, hum-mm, standard mo for SEC) promises more curbs on short-selling to come this quarter, amid reports of mixed opinions at the agency. The SEC is also looking to consolidate audit trails at trading venues to give regulators a better view of the entire market.
(2) Goldman Sachs (GS) CEO Lloyd Blankfein, along with GS's president and its CFO, each will receive a stock bonus worth nearly $9M with no cash.
(3) Today may have been saved with a dramatic turnaround, but the week for stocks still ended in the red as sovereign debt fears continue to weigh on the market.
