WASHINGTON, June 6, 2013 — This morning’s jobs report came in slightly to the optimistic side. Department of Labor figures indicated that the U.S. added 175,000 jobs in May. The figures, although they’ll inevitably be revised lower next week if past history is any indication, seem to be making traders happy before this morning’s opening, indicating an uptick at the bell for U.S. stocks.
The May unemployment rate actually crept up, though, to 7.6 percent. The real unemployment rate, of course, the one that’s not reported, still hovers around 15 percent.
We’d look for at least a short-term bounce today, perhaps persisting through Tuesday, as the market has been extremely oversold. Even utilities and REITs, which have been vastly destroyed lately, may show their remaining holders some love.
So let’s take the weekend off and see what Monday brings. Have a good one.
*Cartoon by Branco, via Legal Insurrection.
Disclaimer: The author of this column maintains several active trading and investment portfolios and owns residential and investment real estate.
Any positions mentioned above describe this author’s own investment decisions and should not be construed as either buy or sell recommendations. The current market is highly treacherous and all investors travel at their own risk, so caution should be exercised at all times.
Illustrations, charts, commentary, and analysis are only the author’s view of current or historical market activity and don’t constitute a recommendation to buy or sell any security or contract. Views, indications, and analysis aren’t necessarily predictive of any future market or government action. Rather they indicate the author’s opinion as to a range of possibilities that may occur going forward.
References to other reporters, analysts, pundits, or commentators are illustrative only and do not necessarily represent an endorsement of such individuals’ points of view. If specific investment vehicles are mentioned in any ar500ticle under this column heading, the author will always fully disclose any active or contemplated investments in said vehicles.
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