Just as people seem braced for the next hurricane/earthquake/tsunami, investors are bracing for the next financial disaster / disappointment.
Today’s disappointment was the August Jobs Report. Somehow the optimists had convinced the rest of us that it was going to be better. They were wrong. And now, analysts begin to parse the data, sending notes at a clip that convinces me they must have been written before the numbers hit the tape. “Bad, But Not Terrible”, “Awful”, “QE3”, “Recession” are a few of the headlines crossing my inbox / twitter tape.
Gold rallies, dollar, stocks and rates, fall - I’ve seen this movie before.
Though he doesn’t see us heading into a recession, today’s report had even the usually cheerful Barry Knapp, Barclays Capital Head of U.S. Equity Portfolio Strategy questioning his outlook for stocks. Speaking this morning on CNBC he said, “I think some of the more optimistic scenarios including my own are looking increasingly iffy”.
On the flip side, Bang & Olufsen just pitched their brand-new CEO with his plan to sell $85,000 plasma TVs in the U.S.
As the gulf widens between the have-jobs and the job-nots, it seems that even more is now riding on President Obama’s speech Thursday night.
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