More On Payrolls.

From reading the report carefully.

The number of workers unemployed for more than 27 weeks, the duration of average unemployment benefits, now stands at 34%. That's up sharply from about 18% a year ago. The work week did tick higher, up to 33.1 hours from 33 last month.

The broadest measure of unemployment, the U-6, which includes part-timers and those "marginally attached" ticked down to 16.3% from 16.5%. I really find it shameless that CNBC is talking about U-6 now when it was marginally down. They have never spoken about this when it surged from 9% to 17% previously.

This data is going to suggest that risk aversion is abating. Watch out for higher bond yields. People just want higher returning asset classes like equities at the moment. There will be a time when yields get high enough and equity prices high enough to stem the tide, that doesn't look like its going to happen until the SPX reaches 1100+. I can see the market rally right through Options Expiry in 2 weeks.

tradersutra.blogspot.com/2009/08/interesting-point-that-bears-watching.html

Just enough time for people to get too positive on stocks and negative on bonds. I definitely see 4% on the 10 year, and at least 5% on the 30 year. I see the Dow with an easy ticket to the whole number of 10K.

Most of my friends are telling me that there are too many bulls on the market, that many bears (Roubini, Whittney) have switched over to the bull camp, only perpetuating the top. I say that's only your opinion, and opinions don't pay the bills. Even that I am sounding a little bullish nowadays, to which I say, I am less bearish, not bullish, because that is what the market is telling me. Its looking me in the grill and saying we are going higher bro because I the Market is being manipulated by the machines.

This is going to be a great weekend for Barack Obama.
Coupled with Sotomayer getting confirmed, he can work on screwing up health care a little more.

tradersutra.blogspot.com/2009/07/obama-healthcare-is-like-obama-banking.html

tradersutra.blogspot.com/2009/07/more-health-care-non-sense.html

Congrats to Obama and the bulls for pulling this out.

Enjoy it while it lasts.