Stocks Numb to Jobs Report
By: Bob Pisani | CNBC "On-Air Stocks" Editor
Why no energy Friday? The Dow was up 53 points at the open on the better than expected jobs report, but that was it: we moved down immediately into negative territory by 10am ET.
(Read more: Stocks Near Lows, Dow Falls 100; Energy Lags)
A few thoughts from the trading desks:
1) dollar rally: commodity stocks, oil and gold all down (gold below $1700 to a two month low), because a better jobs report makes more quantitative easing less likely, which is dollar-positive.
(Read more: Gold Settles Below $1,680, US Jobs Data Short Circuit Rally)
(Read more: Oil, Gasoline Prices Fall on East Coast Recovery)
2) Some disappointment with payrolls: weak hourly earnings and average hours.
3) Sell winners! The political spin is that the jobs report is a marginal positive for President Obama. If he wins, capital gain taxes will likely go up.
4) aftermath of Sandy more serious than thought. "We are likely to have 25 million people in a bad mood for months," one trader said.
Gasoline outages, power outages, two to three hour commutes into New York, and a shockingly high death rate (40 in New York City) now has tempers flaring.
—By CNBC's Bob Pisani
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