I don't see any threads on the jobs data release tomorrow morning. Reading today's WSJ and watching some CNBC, a lot of traders were making a huge deal about it. Frankly, I think it's stupid. I'm not sure why anyone would want to hold over the three day weekend, given how much they've probably profited from the recent run up. Along those lines, I think the data point means very little for the economic outlook. The market has really built in some high expectations, but what's so great about this number? Say it comes in at 9.5% unemployment, with a large number of job seekers giving up the job search ... then what? Is that a "huge victory" deserving another +5% quarter? Conversely, what if it comes in at 9.8%? Massive sell off? Lots of drama over nothing, if you ask me. Thoughts?
It is a very shortened session tomorrow. ES closes at 9:15est... not much of a trading day, so many already called it a week
Daytraders are flat. Position traders always have their risk figured out ahead of time. The people who aren't very good at the previous two aren't going to say shit because they're tentative. Why say anything about a number which happens on your day off?
Last week it was "we're expecting to add 400,000 jobs, now every one is saying only around 190,000 jobs - even Goldman downgraded to only 200,000 jobs - the number will probably be higher so the market will gap up Sunday afternoon and keep on surging. I don,t understand why they would report the highest surge in jobs in 2 years (including census workers) on a day when the markets are closed. I would like someone to give opinions on that.
There won't be any knee jerk reaction for sure as people have the whole long weekend to digest the news.