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Investors poured back into stocks [.SPX
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] on Friday after a stronger-than-expected jobs report showed employers cut 247,000 jobs in July – far less than expected.
Also, the July unemployment rate eased to 9.4 percent from 9.5 percent in the prior month, the first time the rate has fallen since April 2008
Investors took the data to mean two things: an economic recovery is underway and the recent market run-up was on solid ground.
"Investors are looking for confirmation that the bottom (of the recession) is close, and employment is a big piece of it," says Fred Dickson, market strategist at D.A. Davidson. Sounds bullish.
But not everyone agrees. Economist Robert Shiller, author of the Case-Shiller index tells Fast Money that he remains very concerned. “It definitely shows signs of getting better but I think there’s a lot of work to do,” Shiller says. “There’s a lot of damage done.”
And when asked if the recession was over Secretary of Labor Hilda Solis told CNBC, “I wouldn’t say its over.”
Yet it was just one day ago that Abby Joseph Cohen told us stocks are in a new bull market. We know that's not exactly a call on the economy but it does suggest strength going forward.
It seems you can find experts to argue either side of this issue. So we wanted to know what you think.
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Trader disclosure: On Aug. 7th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Seymour Owns (AAPL), (AA), (BAC), (BX), (TCK), (USU); Seygem Asset Management Owns (CZZ); Grasso Owns (ASTM), (BAC), (COST), (CSCO), (FAZ), (PFE), (PRST), (V), (WMT), (XLF); Terranova Owns (MCD), (RIMM), (AMZN), (MSFT); Terranova Is Short (F), (TM); Najarian Owns (AA) Call Spread; Najarian Owns (BUCY) And Is Short (BUCY) Calls; Najarian Owns (GS), Owns (GS) Puts, Is Short (GS) Calls; Najarian Owns (HIG) Calls; Najarian Owns (INTC) And Is Short (INTC) Calls; Najarian Owns (JPM) And Is Short (JPM) Calls; Najarian Ownws (MS) And Is Sohrt (MS) Call; Najarian Owns (MSFT) And Is Short (MSFT) Calls; Najarian Owns (V) And Is Short (V) Calls; Najarian Owns (YHOO) Call Spread; Najarian Owns (NSC) And Is Short (NSC) Calls; Najarian Owns (CSCO) And Is Short (CSCO) Calls
GE Is The Parent Company Of CNBC
For Steve Grasso:
Stuart Frankel And/Or Its Partners Own (CUBA)
Stuart Frankel And/Or Its Partners Own (GERN)
Stuart Frankel And/Or Its Partners Own (MSFT)
Stuart Frankel And/Or Its Partners Own (NWS.A)
Stuart Frankel And/Or Its Partners Own (NXST)
Stuart Frankel And/Or Its Partners Own (NYX)
Stuart Frankel And/Or Its Partners Own (PDE)
Stuart Frankel And/Or Its Partners Own (PRST)
Stuart Frankel And/Or Its Partners Own (RDC)
Stuart Frankel And/Or Its Partners Own (ROK)
Stuart Frankel And/Or Its Partners Own (TLM)
Stuart Frankel And/Or Its Partners Own (TMK)
Stuart Frankel And/Or Its Partners Own (XOM)
Stuart Frankel And/Or Its Partners Own (XRX)
Stuart Frankel And/Or Its Partners Own (SDS)
Stuart Frankel And/Or Its Partners Are Short (QQQ)
Stuart Frankel And/Or Its Partners Are Short (CL)
For Joe Terranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO
Virtus Diversifier PHOLIO Owns (IGE)
Virtus Diversifier PHOLIO Owns (DBC)
Virtus Diversifier PHOLIO Owns (DBV)
Virtus Investment Partners Owns More Than 1% Of (ABD)
Virtus Investment Partners Owns More Than 1% Of (CAL
Virtus Investment Partners Owns More Than 1% Of (DLR)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (DBC)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (SKT)
Virtus Investment Partners Owns More Than 1% Of (TNB)
Virtus Investment Partners Owns More Than 1% Of (UA)
Virtus Investment Partners Owns More Than 1% Of (CLB)
Terranova Owned (MSFT) On 7/22/09
For Scott Nations
Nations Owns (C) Calls And Is Short (C) Puts
CNBC.com with wires
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