JOBS

Wednesday's blog was somewhat prophetic. I said the market moves is bursts and I thought the next one would be down. I didn't think it would come so quickly. The move was surprising considering, auto sales and retail sales were very good. There was a lot of fleet sales in the auto numbers and a lot of gift card redemptions in the retail sales. I would suppose that is why they weren't taken seriously. The payroll number today was negative for the market, but the bond market rallied significantly. It's getting harder to read the tea leaves. Next week is a light data week and earnings are tapering off. We have Treasury auctions, which will be interesting in light of the fact that if prices hold here, buyers will have a negative carry. The Iran situation will also be front and center, so oil we be important. The last few days have seen a good sell off in both oil and gold. Both were overbought and up at resistance. I hope we have significant corrections so we can buy them again.