Reality Bites

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First off, I have declared Comment Bankruptcy. I’ll never catch up with comments, so cold reality catches up with OCD behavior. Reality wins.

Second, I was at my desk well before the jobs report. When it came out, it made sort of a “voomp” sound. As I’m typing this, the /ES is down over 11 points. It seems the consensus estimate for lost jobs was 170,000, but the actual figure was 263,000 lost.

Why is this a surprise? And why on Earth was it a surprise yesterday that – – – once taxpayer-funded bribes to the public (“cash for clunkers”) were removed from the picture, that auto sales would collapse? Don’t you think that all the latent buying would have been exhausted by now? Yet another brilliant government waste of money.

Anyway, I’m not sure if we’re going to see 10,000 on the Dow again, folks.

The countertrend rally……… over.