It happened every month just like clockwork. The first Friday of the month blows the market into conniptions three days before it even gets here! And like clockwork, starting about 230-245 pm today, the sellers, the nervous Nellie’s, the pessimists, the frightened ones, sold stock to get on the sidelines for the Friday Employment Report.
At 8:30 tomorrow morning, the waiting will be over and the seller of today will either be happy or sad. But, I don’t find fault. The last 20 months have been a tough period for investors, so a little caution, well, not all that bad.
If you’re a Bank of America holder today you are happy. Your bank will pay the government back $45 billion the taxpayers gave it. Hummmmmmm. Somehow, I still think the bank got the best of that deal.
Do you wonder how they got all that money? I do. But, all you have to do is ask a senior citizen and get the answer at once. Their interest income is zilch, while the Bank of America pays back all those billions. So, don’t blame the over 50’s if they feel had. They were.
Oh yes, I know. There will be some $18 billion from a stock sale, but the stockholders will be diluted and the outcome is the same. Somebody always gets fleeced.
Gold was down a bit, bonds were down a bit, and the dollar was up a bit. Basically, we went nowhere today, as investors waited for tomorrow’s report. When it is announced, hopefully we will see a slower job loss rate, steady hours worked number, a steady average workweek number, and only a very slight uptick in hourly earnings. Oh, yes, the factory orders should come in just a bit higher, if all goes as expected. Bottom line, not much to either run from or to, if expectations hold. But, in this business, never count your chickens before they are hatched.
See you tomorrow.
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About BawldGuy
“Gold was down a bit, bonds were down a bit, and the dollar was up a bit.”
What a difference a single day can make. I’d point a finger but fear I’d see dozens back in my direction.
We learned that eons ago, didn’t we?