Market Reacts Calmly To Poor Jobs Report

The reaction to the weak jobs number really wasn't that bad. As of this writing, the SPX is down only 1 point, and the Nasdaq down 3. I wouldn't be surprised to see the shorts cover into the close.

The jobs report this morning showed the economy lost -80,000 jobs, more than the consensus for -50,000 jobs. But this was the most telegraphed miss I can remember. Everyone I talked to said that the number was likely to be worse than expectations. That is probably why the reaction was more muted than otherwise.

Ag stock Mosaic (MOS) reported another strong quarter, and the stock is flying. This is boosting the whole ag space. Energy stocks are also higher, as oil is firm and testing $106 again. Solar stocks are also up for a 3rd day.

Asian markets were mixed, with several closed for a holiday. The dollar is lower (yen and euro higher) today, boosting gold. And bond yields are lower on the economic data, with the 10-year yield back down to 3.49%.

long MOO