Best Employment Report in 3 Years

Friday, April 02, 2010


The US economy added 162,000 jobs in the month of March and the unemployment rate held steady at 9.7%. Yay! This is the best report we have seen since pre-crash March 2007. Yes, 48,000 jobs were temporary consensus hires but I'll take it! I realize it's marginal but it's better than nothing, glad to see some people getting back to work. Bonds took a hit with 30-year Treasuries right back to support after bouncing earlier this week and S&P futures are trading at new highs for the year.

The banter between the US and China continues with the US Treasury report on the yuan currency coming out in just two weeks. Pressure is heating up to call China a "currency manipulator" in the report. It seems to me the attempt is to blackmail China into revaluing its peg higher against the dollar. But, if China gives in wouldn't that prove more than anything that China is a "currency manipulator"? The People's Bank of China is understandably hesitant as it worries about inflation and a possible drop in exports.

I've still got my swing longs in WFMI, LVS and NKE and short in TLT so this jobs report Friday and subsequent reaction so far is helping me out. All positions are just initial entries and I have areas to add that very possibly trigger on Monday.

All right, enough thoughts about the market, time to take advantage of this long weekend and knock out some serious CFA studying.
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