I was bracing myself for a jobs report that was anything-less-than-horrible to goose the market higher, since the market definitely had the potential to rally off these levels. It turns out that "horrible" was in fact what came through, with an unemployment rate higher than the peak seen after the last recession.
We can look at charts all day long, but the key things to always keep in the back of your head are:
- The economy is failing fast
- People are losing their jobs, and many more will lose them
- Consumer confidence is at levels never seen before, which means no one is going to be buying jack squat
- This cycle of lost confidence will feed on itself.
Ah, and I see the ES just went into the red for the first time since yesterday. Should be yet another interesting day.
