On Friday bulls and bears were completely at odds over what was next for stocks after jobs growth clocked in at a big fat zero.
According to the latest jobs report, the economy added no new jobs last month – it was the first time that’s happened since WWII.
Although that’s certainly better than a decline, economists had been expecting about 75,000 new jobs.
Bearish sentiment prevailed in the near-term with the Dow plunging by triple digits, however bulls are not without optimism.
They say, this is exactly the kind of jobs report that will compel the Fed to take new action and further stimulate the economy.
What should you make of it? How should you position?
Instant Insights with the Fast Money traders
Trader Stephen Weiss falls into the bear camp. “I think the jobs report presages something far more terrible,” he says.
Weiss is not only expecting a US recession he thinks the entire globe is going into recession. “I know that’s controversial but every economy except for China is contracting and that’s going to come home to roost.”
Trader Brian Kelly sees it the same way. He thinks the bond market is telling the story. “The 30 year bond is screaming. It’s saying the economy is getting weaker.”
