this number was obviously very negative. also,LEH lowered all the brokers. look for the brokers to be weak today.
Here comes the expected acceleration of job losses - the next phase of the recession transition - just in time for the election campaigning ahead.
Better question is what can the bears do with bearish data. Lately the market has been rising on bad news and good. Bears have clearly lost traction since the BSC panic low.
youre absolutely right. we needed the jobless claims number to be 600k and then the market wouldve been up 500 right now. tomorrow im looking for negative 2 million jobs on non farm payrolls - only then we'll see dow 14000 we NEED more bad news so that'll mean we hit a bottom. like if white house gets blown up and goldman merrill and lehman go under in same day we could see dow 20,0000 because it means thats a bottom. understand? good...