83k private sector jobs created. By my recollection the economy lost jobs in aug, sept, oct, and dec. But the S&p was higher than current levels during all those months without even a job being created yet. Also wern't there about double the jobs created in the June report than in the May report? (ex census). And wasn't 83k like the 3'rd highest for the year? The s&p traded 1100 in Nov and Dec when it had very little going for it. Also it rallied to 1115 recently even after the May jobs report that was far worse than the one that just came out for Jun. I'm pretty surprised that some stocks have gotten this low. Unless economy really is unraveling. I can't remember ever buying XOM at 8 PE in long time. thats 12% earnings yield for a AAA balance sheet that really is AAAAA compared to Soverign gvts. $56's should be good in that name. But most other spec names probably will be up 40% by end of year if their is no double dip. I'm sure this is a great spot to buy. But I also know if you try to buy too much they will drop the irrational hammer on you and you will lose your positions. But who knows, maybe i don't understand how the world is unvarveling?? I don't see it. Everything seems the same or actually better than when the market marched up to s&p 1100 last year before even a job was created. Market feels like opposite of 1195 here. Prices have gotten so low that stocks just can't go up. Until they do.
Looks like we did not count the 500k census jobs when they were created now the market will count them when they are gone.