JOBS JOBS JOBS!!! The most important data from last month is the Nonfarm Payrolls number coming out at 7:30am. Consensus is -325K. Just to give you an idea of how high this is historically….-350K has only happened about 10 times since 1950. -400K-420K has not been seen since May of 1980. Only about 3 times have we seen numbers above -400K. If we are below -325K, I don’t think people will believe the number. If we are inline or just above -325K, the market has the potential of rallying. If we are above -450K, we should selloff hard. Everyone knows this number is going to be bad and we sold off at the end of the day yesterday. I can’t find a reason to buy any stock. I’m short and set up perfect to take full advantage of a big selloff. I will be holding my breath as the number comes out.
China’s Auto Sales are down 10.28% in November. This is big news because earlier this year I read reports about how fast China was growing and they were buying 20,000 new cars a day. China has been buying a lot of our T-Bills and with news like this one has to think they will slow that down. In other words, the US Government borrows money from China. With the way our Government is spending money, this does make me worry. Speaking of that…I hear people say that our Government is spending money like a drunken Sailor. I think like that is an insult to drunken Sailors. At least a drunken Sailor spends his own money.
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